Featured

Malami Blames Past Adminstrations’ Underhand Dealings for $9bn P&ID Damages

Published

5 years ago

August 22, 2019

Eric

The Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), said on Thursday that the Federal Government would bring to book former and current government officials who caused the August 19, 2019 award of $9bn by a British court against Nigeria.

Speaking during his first full day in office in Abuja after his Wednesday’s re-appointment for the second term as the AGF, Malami promised to pursue judicial reforms including proposing an amendment of the Constitution that would provide an innovative way to tackle congestion of cases at the Supreme Court.

He said the anti-corruption agencies, under his watch, would be beaming searchlight on banks, and other financial institutions, and non-designated financial institutions, which he said, “are involved in most of the major corruption cases”.

A United Kingdom court presided over by Justice Butcher” had on August 16, 2019 awarded the sum in favour of a foreign firm, Process & Industrial Developments Limited.

The court did this by granting an enforcement application which converted the arbitration award secured by P&ID into a domestic UK judgment against Nigeria.

The Federal Government had insisted that the money was awarded in favour of P&ID despite that the 20 years old project of accelerated gas development, in Nigeria’s OMLs 67 and 123, for which it was meant for was never executed.

It said it would take steps to stop the enforcement of the judgment.

On Thursday, Malami described the award by the UK court as sad, and dubbed it as part of the “consequences of the underhand dealings of the past administrations”.

He said, “Sadly, in spite of the spirited and concerted efforts of the current administration to combat corrupt practices and rent-seeking in all its forms, Nigerians woke up on Friday, August 16, 2019 to the rudest consequences of the underhand dealings of the past administration that has resulted in the award of $9bn against the Federal Republic of Nigeria, by a British court which ruled that Process and Industrial Development Limited had the right to seize $9bn in Nigerian assets.”

He noted that “the dispute that led to the arbitration between the Federal Government of Nigeria and P&ID which consequently resulted in the said court ruling arose from a 20-year Gas Supply Processing Agreement purportedly entered with P&ID by the past administration in 2010, the contract which P&ID never performed as agreed”.

He said steps would be taken to bring everyone involved to book.

The minister said, “That being said, it must be placed on record that the Federal Government strongly views with serious concerns the underhand manners by which the negotiation, signing and formation of the contract was carried out by some vested interests in the past administration in connivance with their local and international conspirators all in a bid to inflict grave economic adversity on the Federal Republic of Nigeria and the good people of Nigeria.

“As a government that has the mandate of the people, and their interests at heart, we shall not fold our arms and allow this injustice to go unpunished as all efforts, actions and steps shall be taken to bring to book all private individuals, corporate entities and government officials – home or abroad and past or present – that played direct and indirect roles in the conception, negotiation, signing, formation as well as prosecution of the purported agreement.”

The Punch

Featured

Tinubu Approves Credit Scheme Takeoff to Facilitate Purchase of Cars, Houses

Published

32 mins ago

April 25, 2024

Eric

President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme to facilitate the purchase of houses and cars by working Nigerians.

In a statement on Wednesday, presidential spokesman Ajuri Ngelale said the Consumer Credit Scheme will enhance the quality of life citizens by allowing them to “access goods and services upfront, paying responsibly over time”.

“It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations,” the statement added.

“Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates local industry and job creation.

“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.”

In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability,” the statement noted, adding that working Nigerians interested in receiving consumer credit can visit CREDICORP’s website to express interest before the deadline date of May 15, 2024.

“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.”

The CREDICORP’s objectives include: “(1) Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

“(2) Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

“(3) Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”

Featured

Again, DStv, Gotv Jack Up Subscription Rates

Published

12 hours ago

April 24, 2024

Eric

Broadcasting company Multichoice has jacked up the prices of its offerings in Nigeria four months after its last increment.

The company reviewed prices in its packages across the board. The new prices will take effect from May 1, 2024.

With the latest price hike, the DStv Premium package increased from N29,500 to N37,000. Similarly, the DStv Compact+ went up from N19,800 to N25,000 while the Compact package increased from N12,500 to N15,700.

The Comfam package moved from N7,400 to N9,300. Yanga package moved up from 4,200 to N5,100 while Padi package increased from N2,950 to N3,600. HDPVR was increased from N4,000 to N5,000, the Access Fees package from N4,000 to N5,000, and XtraView moved from N4,000 to N5,000.

Meanwhile, the Gotv Supa+ package moved from N12,500 to N15,700, Supa package from N7,600 to N9,600, and Max package from N5,700 to N7,200.

While the Jolli package was jacked up from N3,950 to N4,850, the Jinja package moved from N2,700 to N3,300, and Smallie package from N1,300 to N1,575.

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It will be recalled that the company implemented an upward review of prices in December 2023, days after announcing a $72m loss in its financial statement for the third quarter of the year.

Checks on the company’s reviewed price list then showed a 20 per cent per cent hike in the company’s packages across the board.

Featured

I’ll Resign If Yaya Bello Eacapes Prosecution, EFCC Chair Vows

Published

1 day ago

April 23, 2024

Eric

Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has sworn to follow the prosecution of the Governor of Kogi State, Yahaya Bello, to a logical conclusion.

In a chat with journalists at the EFCC Headquarters in the Jabi area of Abuja on Tuesday, the anti-graft crusader vowed to resign as EFCC chairman if Bello is not prosecuted.

He added that all those who obstructed the arrest of the former governor would be brought to justice.

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion.

He said that no matter what anyone does or the amount of attack against the anti-graft agency, he and his men will not relent in helping to sanitise the country.

Olukoyede said the EFCC needs the support of Nigerians to succeed, emphasizing that if the agency fails, Nigeria fails. He stated that the efforts made currently have helped the value of the Naira and the foreign market.