Buhari Says Loss Of P&ID Case Would Have Cost Nigeria $15bn

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In a recent article shared by the immediate past President of Nigeria, Muhammadu Buhari, he highlighted the significant victory in the case against Process & Industrial Development (P&ID) on October 23, asserting that the nation would have faced a staggering loss of $15 billion had the outcome been unfavorable. The article, titled “A Matter of Principle,” underscores the importance of this legal victory.

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Buhari acknowledged the words of Justice Robin Knowles, who referred to Nigeria as the victim of a substantial fraud, while also recognizing the close nature of the case’s resolution, stating that it could easily have turned out differently. He emphasized that ordinary Nigerians would have borne the burden of such a loss, affecting crucial aspects of their lives, such as education, healthcare, and infrastructure development.

The article delved into the origins of the “P&ID Affair,” which began before Buhari’s term in office in 2015. It involved an obscure company registered in the British Virgin Islands with an agreement to construct a gas processing plant in Cross Rivers. Despite no actual progress on the project, the contract allowed P&ID to sue Nigeria for the potential profits it could have made over 20 years, as if the project had been completed.

P&ID had previously won a settlement of $6 billion in 2017, with compound interest, creating pressure to pay from various quarters. Buhari and his team, including Abba Kyari and Attorney General of the Federation Abubakar Malami, embarked on a quest to gather evidence to challenge the case’s validity. They uncovered evidence of bribery, perjury, and the unauthorized possession of Nigeria’s confidential legal documents by P&ID.

The article stressed the importance of adhering to the legal process in dispute resolution and the need for better contracts and transparency in both the public and private sectors. It also called for stricter sanctions against Nigerian public officials involved in corrupt activities that harm the nation.

Buhari concluded by stating that while Nigeria had won this battle against corruption, the war was far from over. He echoed Justice Knowles’ sentiments about individuals driven by greed and corruption, emphasizing that the people of Nigeria had been let down by certain individuals in politics and administration who were meant to serve and protect them.

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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