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EFCC’s Magu Unearths Corruption Leading to Reversal of $11 Billion P&ID Award

Next Edition by Next Edition
October 25, 2023
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EFCC's Magu Unearths Corruption Leading to Reversal of $11 Billion P&ID Award
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London High Court Grants Nigeria’s Request to Overturn $11 Billion P&ID Award Due to Fraudulent Contract

A London High Court judge has ruled in favor of Nigeria, allowing the reversal of an award that would have required Nigeria to pay $11 billion for a failed gas project. The judge determined that the contract was tainted by fraud.

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Crucial to Nigeria’s success in this case was an investigation conducted by the country’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC).

In 2010, Process & Industrial Development Ltd (P&ID) was awarded a contract by the Ministry of Petroleum Resources to construct a gas-processing plant in Calabar. The agreement stipulated that Nigeria would supply gas for free over a 20-year period, with resource sharing between the two parties. However, Nigeria failed to deliver the promised gas, and the plant remained unbuilt.

P&ID subsequently took legal action against the Nigerian government, alleging breach of contract, leading to an arbitration tribunal in England. In 2017, P&ID was awarded compensation initially set at $6.6 billion but later estimated at $11 billion with accrued interest. The primary claim in the arbitration revolved around the loss of profit over the 20-year contract.

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Meanwhile, in Nigeria, the EFCC initiated an investigation into P&ID and the contentious contract in 2016, at the request of Vice President Yemi Osinbajo and President Muhammadu Buhari. Ibrahim Magu, who headed the EFCC at the time, led the investigation. However, Magu faced a controversial removal from office, the details of which remain undisclosed.

The EFCC’s investigation revealed corrupt practices, including bribery, involving individuals linked to the P&ID gas contract. It also exposed that a former petroleum minister had signed the contract without proper approvals or protocol.

The culmination of the EFCC’s findings led to the conviction of P&ID in a Nigerian High Court in September 2019 on charges related to tax evasion, money laundering, and trading without the required licenses. This critical intelligence from the EFCC was presented in the London court, significantly contributing to the overturning of the $11 billion award.

In a recent court ruling, Judge Robin Knowles confirmed, based on the EFCC investigation, that P&ID had paid bribes to individuals involved in the gas contract and failed to disclose this during legal proceedings in London.

The judge described the P&ID contracts as “obtained by fraud” and contrary to public policy. President Bola Tinubu lauded the judgement as a victory against economic malpractice and exploitation in Africa.

This case underscores the significance of professional standards and ethics in contract drafting and the conduct of all parties involved, emphasizing the need to protect the interests of nations and their people.”

Tags: AfricaArbitration TribunalBola TinubuCompensation AwardContract DraftingCorruptionEconomic and Financial Crimes CommissionEconomic MalpracticeEFCCEthicsFraudulent ContractGas ProjectInternational Legal Case.InvestigationJudge RulingLegal CaseNIgeriaP&IDPETROLEUM RESOURCESProfessional Standards
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