The Ministry of Petroleum Resources of the Federal Republic of Nigeria was not suppose to be sued by P&ID, the right company to sue the Ministry of Petroleum Resources was P&ID Nigeria limited.
But the problem is P&ID Nigeria limited did not enter contract with the Ministry of Petroleum Resources.
The Contract was signed by P&ID,though negotiation was done by P&ID Nigeria limited.
The P&ID was registered in the British island as stated in the exhibit 5

Did the company meet the requirement to do business in Nigeria
For a foreign company to set up in Nigeria, there are basically 5 mandatory steps:

Step 1

Incorporation of a Limited Liability company with a share capital of N10m (Ten Million Naira) at the Nigerian Corporate Affairs Commission (CAC).

All companies intending to operate in Nigeria must be registered with the CAC. The minimum share capital which a company must have is N10,000. However, for Foreign owned companies, the minimum share capital is N10,000,000 (Ten Million Naira). The process to register is fairly straightforward, and normally takes about 2-4 weeks.

Step 2

Obtain a Tax Identification Number and register for Value Added Tax at the Federal Inland Revenue Service – TIN and VAT Registration.
Step 3

Open Domiciliary Bank Account with a Commercial Bank in Nigeria and obtain Certificate of Capital Importation.

Step 4

Registration at the Nigerian Investment Promotion Council (NIPC).

Step 5

Obtain a Business Permit from the Nigerian Ministry of Internal Affairs.

And there you have it, the 5 steps to setting up a foreign owned business in Nigeria. Once this is done, the next phase is to ensure that you comply with all business operation regulations. For instance, depending on the nature of the business you have set up, you might be required to register with certain regulatory bodies.

Published on September 19, 2019 By Kauthar Anumba-Khaleel

The House of Representatives has begun the investigation of the controversial gas contract awarded to Process and Industrial Development (P&ID) Limited and the $9.6 billion judgement fine imposed on Nigeria by a United Kingdom (UK) court.

The Lower House’s action followed the adoption of a motion of urgent national importance on the need to look into act of negligence of the P&ID’s transaction by the Ministries of Justice and Petroleum Resources respectively, sponsored by Hon. Julius Ihonvbere.

Consequently, the Speaker, Hon. Femi Gbajabiamila, constituted an ad-hoc committee to probe the circumstances surrounding the award of the contract.

Leading the debate, Ihonvbere lamented the judgement debt of $9.6 billion (with daily interest accruing) in the case between P&ID and the federal government.



He said that the judgement was punitive and would have negative effects on the country with a foreign reserve of only $45 billion and a sovereign debt profile of over $80 billion.

Ihonvbere said: “The House is aware of the fact that Nigeria has a penchant for disregarding the sanctity of contracts and terms of agreement, coupled with the failure of Nigeria’s representatives in many cases, to carefully or diligently scrutinise agreements they sign knowing that the consequences will affect past and future generations.



“Nigeria had entered into a Gas Supply and Processing Agreement (GSPA) with P&ID Limited in January 2010 through the Ministry of Petroleum Resources with the understanding that Nigeria would supply natural gas (wet gas) at no cost, through a government pipeline to P&ID’s production facility, while P&ID in return would construct and operate the facility, process the wet gas and return to the government of Nigeria lean gas for the generation of power at no cost to Nigeria.

“Further aware that two years down the line, P&ID had not built any gas plant to which Nigeria could supply wet gas for processing, signifying in the first place that the move to arbitration was opportunistic and grossly self-serving.

“The House is cognisant of the fact that the matter went before an Arbitration Tribunal, under the rules of the Nigerian Arbitration and Conciliation Act 2004, with London, England as place of arbitration. After affirming its jurisdiction in the matter, the tribunal began hearing to determine whether or not there was any repudiatory breach of contract.

“At this point, there was an attempt by the Ministry of Petroleum to reach a settlement agreement with P&ID Limited to the tune of $850 million, payable in instalments, which obviously was not diligently pursued,” he lamented.



The lawmaker continued, “the House is alarmed that the agreement was somewhat shrouded in secrecy and as such apparently dubiously procured, as those who ought to know about its existence did not and more importantly, the relevant laws in Nigeria for the transaction to be consummated was not applied especially, Part IV of the Bureau of Public Procurement Act 2007 which deals with the Fundamental Principles of Procurement.

“The House is further alarmed that it took the new Nigerian government more than four months to respond to the vital arbitration judgement of about $9.6 billion with a ridiculous excuse that there had been a change of administration in Nigeria and that ministers, including the attorney-general had only just been appointed thus asking for an extension of time to act on the outcome of the Arbitration Tribunal.


“Rather than engage P&ID in the matter before the tribunal with robust legal arguments and interpretations, Nigeria was busy shopping for a favourite forum to plead her case in a court in Lagos, Nigeria.

“The House is worried that the lack of diligent prosecution of cases in which Nigeria is involved by those whose duty it is to do so, is due to our tendency to either politicise everything or focus more on personal interests, or failure on the part all parties involved,” he noted.

The lawmaker further observed that that Butcher, J. (the judge in the matter) in his August 16, 2019 ruling made heavy weather out of several acts of omission on the part of the Nigerian authorities, especially when he noted that “…the FRN had remedies for procedural unfairness, but it did not utilise them.”

He argued that Nigeria could also have objected to Procedural Order No. 12 or questioned the Final Award. In the words of Butcher J, “it did neither and the time for doing so is long past.”

Ihonvbere maintained that “these are serious indictments on the incompetence and gross negligence displayed by our representatives/agents/arbitrators in the matter.”

Thereafter, the House resolved to probe that the “embarrassing judgement,” which it described as exposing “a deep decay in our governance and leadership infrastructure with far-reaching implications for the credibility of the country’s capacity to handle business and legal cases.”
https://leadership.ng/2019/09/19/reps-begin-probe-of-pid-contract/

After the probe what next? Seems they use this probing stuffs to form busy while whirling away time

ursullalinda:
After the probe what next? Seems they use this probing stuffs to form busy while whirling away time

Is a good point,but is our duty to put pressure on them

Dem go still pay that 9bill last last

We cannot wait to get to the root of this serious matter.
We cannot watch and see these corrupt politicans put our nation in debt while they and their cronies live large at Nigerians expense.
No more business as usual.

Okay na now be una morning

ursullalinda:
After the probe what next? Seems they use this probing stuffs to form busy while whirling away time

The correct idiom is 'whiling away the time' ma.
Just for future's sake.
Kindly edit.
Nice day.

Ok

Okay. Money to be made by committee and sub committee

[s]

Chidexter:
Dem go still pay that 9bill last last

[/s] Let me when you wake up.

I have actually followed up with this judgement since 2014, the company came into the country through Goodluck administration, and the government and the company had a concise agreement, but the buhari administration took over and decided to abandon the contract and terminated it, the company being a foreign owned had no other option but to sue the federal government at the Uk court, but the amazing thing is that Nigeria has been summoned many times by the uk court but they have failed to turn up, what is attorney general doing This was his soul responsibility of representing the interest of the country, but the man never showed up, now Nigeria has been compelled to pay the damages done and claims of the P&ID this was a project that was suppose to end the issue of energy generation in Nigeria, but buhari and his clueless crew came in and messed it up.

I wish I have a magic wand...
I would have made Nigeria great again...
I have no where else to run too
I have no where else to go.

naijapower:
Is a good point,but is our duty to put pressure on them

To reduce their bogus pay and exotic car purchase that will cost us billions?
Finally, are they better than Justice Belgore and the P&ID rogues


www.nairaland.com/attachments/3626665_hilarious_jpeg1ecdcdffc482a4c4b104159dc2f70be2

Toroso:
[s] Let me when you wake up.

Im awake, oya spew trash make i read

gud day, pls i seriously need a job, i am a graduate of accounting (hnd) 07037799108

Noted

all these probes are ways to make extra money on top the one way dem don thief. we no need probe again. when it got to Dasuki case we no see probe. the man was arrested and drilled. why not do the same? make una day see say all these fighting corruption na nonsense. where is the probe that sought out the killing of Ken Saro Wiwa? where is the probe that discovered the killers of Bola Ige?
all these probes require a committee to be set up. each sitting in that probe is paid for and it costs millions of dollars not naira. the committee members are actually salary earners but they get extra pay to do their work in the panel.
just arrest the chairman of the P&ID and let an external body handle the matter. no need for all these probes.
where were you all when all these contracts were being signed? are you truly concerned about the failed contract or about the verdict of the UK ruling?

The reason why you see these criminals making a move is that they have shares or own some of the assets that will be seized by the UK Government. no one set up a committee to decide the case of the Shiites or the case of Biafrans. No committee was set up to determine how and where Abacha's loots and the loots of all the criminals go.

Panama papers revealed names of some of the criminals that starched our wealth in offshore accounts or tax-haven countries. They are going hard on but nobody is going hard on Ganduje. Ganduje was caught on tapes committing crimes. No committee was set up because he is a friend of the anti-corruption general.

The government is more interested in the arrest and capture of activists like Sowore and Nnamdi Kanu than in fighting any real crime or corruption. Yoruba people are happy that their brother, Sowore is detained unlawfully by a government that they pledge allegiance to. None of them can publicly speak out for their brother. They slither like snakes seeking to do evil and gossip behind closed doors.

the Igbos might be too upfront but they are braver than the Yorubas. Not even the youths that have probably been on Sowore's payroll come out to fight for their brother's release. the ones who all claim to be learned are not better. what is the value of their education and position?

Yoruba people were the first to gain civilization and encounter with the colonial masters. They got real exposure before the igbos but to what end? They need the igbos from the far east to develop their lands in the west. they need the igbos to build toilets for them. they need the igbos to build palazas with solid roof for them

for many years women in Balogun markets would sh!t in custard buckets and the men too and litter the streets. they will see their sh!ts floating and look the other way whenever it would rain. igbos came to build shops and plazas for them.
the earlier schools in lagos were built by the missionaries. but the schools you see in lagos today are built by igbos who have hugely invested in the east so badly.
awolowo is the only man who invested in the education of his people. igbos used to travel to lagos to school. but today they build the schools that the Yoruba kids attend.

lagos is open not because the yorubas had any intention to develop their lands, but the westerners, the military and the igbos developed the state. the yorubas have not done anything for thefuture of their children but to sell off their heritage to foreigners. and now, they are either moving abroad or moving deep into the forests.

many streets inlagos today have nepa light or power connection because of the igbos. they were busy living in darkness using oil lamps until an igbo man came there to build a house.

many yoruba boys sat down feeling superior speaking rotin english while the igbos come from the village to buy the houses that they live in. then, eventually they end up persecuting the igbos for their success. they want to collect money for sockaway, money for gate, money for building a house, development fees, local government fees etc. all nonsense way to exploit the igbos and suffer them. if igbos stay home for one day without trading, lagos will shut down. if they decide to go back home to the east, lagos will turn to dust. there is no sucessful yoruba man business that lingers after the second generation. as soon as money enter their hand, the kids don ja go yankee. that is the end.

Always reactive. Never proactive

Over to Former chief justice of Nigeria

Chidexter:
Dem go still pay that 9bill last last

Oga it's dollars not naira.

[s]

post=82363893:

The correct idiom is 'whiling away the time' ma.
Just for future's sake.
Kindly edit.
Nice day.

[/s]

[s]

post=82363878:
We cannot wait to get to the root of this serious matter.
We cannot watch and see these corrupt politicans put our nation in debt while they and their cronies live large at Nigerians expense.
No more business as usual.

[/s]

Anyhow them like make dem drag the case reach.

We no fit pay that kind money. Even if UN like me them get involved

Shishi we no de pay

Northmall:

Oga it's dollars not naira.

So

Will they be honest and do it without cover ups? Influential people even in govt are involved


Check out my signature for quality and durable furniture for your homes and offices

[s]

post=82363893:

The correct idiom is 'whiling away the time' ma.
Just for future's sake.
Kindly edit.
Nice day.

[/s]

Do they have the capability. All the ones they probe, what came out of it. All these set of time wasters just want to seek attention by all means.

[quote [s]author=Nicklaus619 post=82363936]I have actually followed up with this judgement since 2014, the company came into the country through Goodluck administration, and the government and the company had a concise agreement, but the buhari administration took over and decided to abandon the contract and terminated it, the company being a foreign owned had no other option but to sue the federal government at the Uk court, but the amazing thing is that Nigeria has been summoned many times by the uk court but they have failed to turn up, what is attorney general doing This was his soul responsibility of representing the interest of the country, but the man never showed up, now Nigeria has been compelled to pay the damages done and claims of the P&ID this was a project that was suppose to end the issue of energy generation in Nigeria, but buhari and his clueless crew came in and messed it up. [/quote][/s]

Do you read at all?

[s]

post=82363878:
We cannot wait to get to the root of this serious matter.
We cannot watch and see these corrupt politicans put our nation in debt while they and their cronies live large at Nigerians expense.
No more business as usual.

[/s]