The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu said the Federal government will urge British authorities to probe the Judge that awarded $9.6 billion judgement debt to a foreign company, Process and Industrial Developments (P&ID) against Nigeria, Justice Christopher Butcher.
Magu, who stated this in an interview on Arise News,a Nigeria-owned international television network, faulted the conduct of the judge who he alleged was complicit in the plot to defraud Nigeria.
“The entire transaction is predicated on fraud; complete fraud and irregularities by people trying to exploit the weakness in the system to their advantage. I am also worried that the commercial court that gave the judgment here on the award is so desperate on the enforcement of the judgment itself. That shows clearly that we do not have confidence in the commercial court because they seem to have interest in making sure they enforce it; otherwise they should give us a chance for us to come in with our complaint.
“P&ID does not even exist in Nigeria. It is a shell company and as far as I am concerned, the directors we have committed so far are the witnesses to the agreement and also to the MoU. The main actors who actually signed the MoU and the agreement incidentally are all dead, that is (Michael) Quinn and Lukman (former Nigerian Minister of Petroleum Resources). There is something sneakier to the whole deal.
“We would have to approach at government or diplomatic level. We will also appeal to the appropriate authorities to also investigate the conduct of the judges that actually passed the award because this is the worst in the world. There has never been an arbitration award at this level that is so high; nowhere in the world. It has not happened. $9.6 billion? Do you know how it can aggravate the refugee situation in Nigeria? Do you know how it would affect our GDP? Do you know it would affect the economy?
“That is almost about one-third of our budgetary allocation. We’re over 200 million Nigerians. We will not take it” Magu told Arise News.
Justice Butcher of the London commercial court in the UK has ruled that Nigeria must pay a UK firm, Process and Industrial Development Limited (P & ID) a sum of $9.6 billion or have its assets in the UK to the tune of that amount forfeited.
The United Kingdom Commercial and Arbitration Court has granted Nigeria leave to appeal against the judgement.