$9.6bn judgment: We have no record of P&ID investment in Nigeria —Emefiele
Published


The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Tuesday said the apex bank did not have any record that Process and Industrial Developments Ltd invested any money in the country.

Process and Industrial Developments Ltd recently won a suit granting it the right to seize $9.6bn in Nigerian assets.

The judgement was delivered by a court in the United Kingdom.


The CBN Governor, who spoke at a Press conference in Abuja, described the contract leading to the judgment as a “fraudulent contract” between the Ministry of Petroleum Resources and P&ID.

Emefiele noted that, contrary to its claims in the media, the foreign firm did not invest any money on the contract in Nigeria.

He said, “We have heard and also read in some media that P&ID or the contractor in this case had mentioned that it had invested close to about $40m in the project.


“On our part as the Central Bank of Nigeria, we note that P&ID is a foreign company.

“As a foreign company, if you are investing either in a contract or a project in Nigeria, there are various options you will adopt in bringing in your investment.

“If you are bringing in capital, in which case you are bringing in the money, you will fill Form A and you will also collect a certificate of capital importation.




If you are bringing in machine or assets to execute your contract, then in this case you will fill Form M and also collect a certificate of capital importation to prove that you actually brought in money.

“We have gone through our records, we do not have any information in our records to show that this company brought in one cent into this country and we have accordingly written to the Economic and Financial Crime Commission and the Intelligence Department of the Nigeria Police that are currently investigating this matter.”



https://punchng.com/9-6bn-judgment-we-have-no-record-of-pid-investment-in-nigeria-emefiele/amp/

Dem wan to send Nigerians back to slavery by force by force. They are tired of pseudo-shackles, the manacles are coming.

Why the company carry the case to British in the first place, why not in Nigeria before honourable justice Okon Abang?

Thieves.

Everyone involved in this attempted BEC scam on Nigeria should be prosecuted to the full extent of the law. Their apologists should be tied to the stakes alongside them and taken out too.

Idiots....

Eventually, the truth is coming out. There are processes for contract award whereby when not followed, the contract is nulled and void.

This is pure scam.
but Nigerian government treated the matter like one of those things, now they are in a cage, all this while they never carried an investigation neither did they present their evidence as it should be, don't be surprise they lost the case based on technicalities.
Lawyers that represent Nigeria in cases are never serious, they only care about estacode and their various girlfriends they are travelling with, they can even sale the country for 30,000 USD on patriotic bunch of unethical learned fools.

the truth will be revealed by his grace

Pdp as a party is as useless as P in Psychology.

How do they expect current government to pay for an invisible projects which was not even approved by the then FEC.

Pdp should show us the power plants we are about to pay for or forever shut up

Pdp, never again in Nigeria

Why are you telling us this ? What stopped you from presenting this to the UK court ?

helinues:
Pdp as a party is as useless as P in Psychology.

How do they expect current government to pay for an invisible projects which was not even approved by the then FEC.

Pdp should show us the power plants we are about to pay for pr forever shut up

Pdp, never again in Nigeria

I don't know when some of U will have sense... They have no records of d contract abi? So why exactly didn't dey prove their case in court afta dey decided against d settlement? They went to court and lost and den want to settle and now dey don't have d record of d contract? When una go get sense?

FarahAideed:
Why are you telling us this ? What stopped you from presenting this to the UK court ?

Typical brainwashed Pdp supporters.. Where is the projects P&ID wants to collect $9bn for? Or was it built on air?

Nbote:


I don't know when some of U will have sense... They have no records of d contract abi? So why exactly didn't dey prove their case in court afta dey decided against d settlement? They went to court and lost and den want to settle and now dey don't have d record of d contract? When una go get sense?

We should rather ask when you are going to receive sense, this month, next month or never??

The contract wasn't approved by the then FEC.. The contract is a fraudulent one but you Pdp supporters will never admitted the truth.. Too poor

helinues:


Typical brainwashed Pdp supporters.. Where is the projects P&ID wants to collect $9bn for? Or was it built on air?

Shut up go and tell that to the UK court !!!!

This is not the first time Buhari is penny wise pound foolish .

Remember in 1984 he made the Naira lose value and the economy lost billions because he changed the currency overnight just because he wanted to catch politician he claimed stored money at home .

In 2016 he made the oil industry lose over 60 billion dollars in a failed bid to recover a paltry 35 million dollars from Tompolo .

He made the Nigeria lose over 80 billion dollars to capital flight and FDI when he fined MTN 5 Billion dollars in the most preposterous corporate fine ever heard of.


And now today he has made Nigerias lose 9 Billion dollars as against gaining billions of dollars if he allowed P&ID start work or even just paid them the 850 million dollars out of court settlement.

Just last week he allowed the US impose hefty VISA fees on Nigerian , something that could have been easily averted .

Just because of a few bags of rice being smuggled as he claimed he locked the border now for days making the economy to lose billions daily for no good reason .

Buhari is short sighted and can never have the ability to make good decisions

FarahAideed:


Shut up go and tell that to the UK court !!!!

This is not the first time Buhari is penny wise pound foolish .

Remember in 1984 he made the Naira lose value and the economy lost billions because he changed the currency overnight just because he wanted to catch politician he claimed stored money at home .

In 2016 he made the oil industry lose over 60 billion dollars in a failed bid to recover a paltry 35 million dollars from Tompolo .

He made the Nigeria lose over 80 billion dollars to capital flight and FDI when he fined MTN 5 Billion dollars in the most preposterous corporate fine ever heard of.


And now today he has made Nigerias lose 9 Billion dollars as against gaining billions of dollars if he allowed P&ID start work or even just paid them the 850 million dollars out of court settlement.

Where are the pictures of the projects? If P&ID get $2bn as fines, then they are lucky.

Why supporting something you cant back up with proof. The then Attorney general said nothing like that project during their time as it wasn't approved. Emefiele is repeating same statements yet you no wan free..

Who winch Una Pdp supporters self?

No record of the projects... Just Pdp paddy paddy contracts just like second Niger bridge.

Politicians are right to lie to us, but we losing to ourself, never

helinues:


Where are the pictures of the projects? If P&ID get $2bn as fines, then they are lucky.

No record of the projects... Just Pdp paddy paddy contracts just like second Niger bridge.

Politicians are right to lie to uaq, but we losing to ourself, never

Is 2 billion dollars still not bigger than 850 million dollars ?

FarahAideed:


Is 2 billion dollars still not bigger than 850 million dollars ?

If is a conditional statements..

FarahAideed:


Shut up go and tell that to the UK court !!!!

This is not the first time Buhari is penny wise pound foolish .

Remember in 1984 he made the Naira lose value and the economy lost billions because he changed the currency overnight just because he wanted to catch politician he claimed stored money at home .

In 2016 he made the oil industry lose over 60 billion dollars in a failed bid to recover a paltry 35 million dollars from Tompolo .

He made the Nigeria lose over 80 billion dollars to capital flight and FDI when he fined MTN 5 Billion dollars in the most preposterous corporate fine ever heard of.


And now today he has made Nigerias lose 9 Billion dollars as against gaining billions of dollars if he allowed P&ID start work or even just paid them the 850 million dollars out of court settlement.

Just last week he allowed the US impose hefty VISA fees on Nigerian , something that could have been easily averted .

Just because of a few bags of rice being smuggled as he claimed he locked the border now for days making the economy to lose billions daily for no good reason .

Buhari is short sighted and can never have the ability to make good decisions

So Na Buhari allow all this things?...

Na wa to una sometimes

Don't worry CBN governor, Mama Piss imPatience Jonathan and Diezani have the record. They were the real FG.

Ijaw militants should get ready to blow up pipelines that the only thing you miscreants can do because there is no way Goatluck Jonathan will not end up in jail. Just watch it, Buhari will get everyone involved to pay.