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Buhari, Not Jonathan to Be Blamed for $9bn Judgement Debt, Says P&ID

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The attempt by President Muhammadu Buhari to pin the $9billion British court’s judgement debt on former President, Goodluck Jonathan, has been dismissed by the Process and Industrial Developments Limited (P&ID), the very Irish company, that is in the thick of the entire saga.

P&ID in a clear statement, on Friday, completely absolved the former President of culpability and blamed both Buhari and the Attorney General, Abubakar Malami responsible for the development.

The company, in attempt to set the record straight, P&ID, detailed how the Buhari government, practically slept on the issue and accused Malami particularly of trying to revise history and introduce allegations of contract fraud.

Read the full statement:

Malami’s Revisionist History

It is another day, and with it comes another attempt from the Nigerian Government to create a fictional history of the P&ID case.

This week’s series of desperate conspiracy theories point to something deeper: the Buhari Administration is refusing to admit its own role in the P&ID case from 2015-2019 after it came into office.

Appearing on CNBC Africa, Attorney General Abubakar Malami sought to wipe his hands and the hands of the Buhari Administration clean when he stated, “[t]he government as a unit was delicately involved. And that was the government in 2010, the award was in 2012, and then three years thereafter the current administration under the leadership of Muhammadu Buhari came into place. So the time when this administration came to place in 2015, the award was over three years, there was no appeal, no application for execution, no application to set the award aside.”

Attorney General Malami seems to have a case of amnesia.

Let’s set the record straight:

May 3, 2015: P&ID offers to settle the dispute with the Nigerian Government for $850mm. President Goodluck Jonathan indicates they are handing over the negotiations to the incoming Buhari Administration.

May 29, 2015: Muhammadu Buhari is sworn in as the 15th President of Nigeria, but fails to appoint a cabinet for five months.

July 17, 2015: The Arbitration Tribunal found in favor of P&ID (i.e. – the Liability Award). The new Buhari Administration did not make any attempts at settling or negotiating with P&ID, and did not make any effort to challenge the decision.

November 11, 2015: Attorney General Malami was sworn in November 11, 2015, just under three months after the Liability Award.

May 27, 2016: The Arbitration Tribunal wrote to the Nigeria Government confirming that: “As the parties will be aware from Procedural Order No 12, the Tribunal has decided that the seat of the arbitration is England. It follows that the Federal Court of Nigeria had no jurisdiction to set aside its Award.” Neither Attorney General Malami, nor any representative of the Buhari Administration did anything in response other than continue with the proceedings, thereby tacitly accepting the analysis of the Arbitration Tribunal.

June 24, 2016: Having failed to set aside the Liability Award by falsely claiming the seat of arbitration was in Nigeria; not England, Attorney General Malami wrote personally to the arbitrators to say “my office has taken over the handling of the above arbitration on behalf of the Ministry of Petroleum Resources.” He asked for and obtained an extension of time to file a defence to quantum, and appointed his own legal team in place of the Ministry of Petroleum Resource’s legal team.

August 30-31, 2016: The Quantum Hearing (i.e. – amount of damages payable) takes place in London. Attorney General Malami’s legal team conducted Nigeria’s defence at the quantum hearing. Expert witnesses as to quantum were called to give evidence and were cross-examined.
After the Quantum Hearing, Attorney General Malami instructed his lawyers to request a standstill agreement, which would take effect from the date of the Award.

This fact has never been publicly reported until today.

January 31, 2017: The Arbitral Tribunal issued a final award, ordering Nigeria to pay P&ID $6.5 billion plus $2.3 billion in uncollected interest as of March 2018.

February 17, 2017: The Award on Quantum was delivered to the parties on February 17, 2017. Despite the 60-day standstill having been agreed by P&ID, Attorney General Malami made no attempt to negotiate with P&ID during the 60 days following the handing down of the Quantum Award.

April 28, 2017: After the 60 days had expired, Attorney General Malami instructed his lawyers to write to P&ID’s lawyers and explained that “The delay was occasioned by the bureaucracy of the Federal Government in a bid to determine a reasonable strategy after receipt of the Arbitral award.” The Attorney General’s lawyers added: “we now have the authority of the Vice President of the Federal Republic of Nigeria to meet with the Claimant to negotiate the Terms of the Arbitral award.”

Today: In the lead up to the judgment by the English Commercial Court, Attorney General Malami allowed the time for acknowledging service in both the United States and London to lapse without filing any response. In both jurisdictions, Nigeria’s lawyers Curtis Mallet had to apply for ex post facto extensions of time and make the necessary apologies and explanations to the court.

In London, a senior Curtis Mallet partner explained that the Claim Form was “immediately filed and not passed up the chain of command” at the Ministry of Justice. The partner pleaded that “the delay was neither deliberate nor intended to be disrespectful to the Court.”

In the US, Curtis Mallet explained that the deadline was missed because they were in the process of being formally retained by the Nigerian Government and had been instructed to enquire about the potential for a settlement

The Attorney General’s pronouncements in the Nigerian press are a clear attempt to cover up his own incompetence and that of the Buhari Administration. This is a matter, which could have been settled shortly after he took office in November 2015 for $850 million. Instead, he personally took the decision to gamble on the arbitration and turned an $850 million liability into a $9.6 billion liability.

And at no time since has Attorney General Malami assumed responsibility has he raised any allegation of fraud or scam, either in the arbitration or in the subsequent enforcement proceedings. The reason for this is that there was no fraud. All of this raises serious concerns for foreign investors in Nigeria, whether you are investing in a commercial enterprise or buying Eurobonds. Not only will Nigeria deliberately refuse to pay an international arbitration award backed by an English Court, but they are prepared to launch sham investigations and character assassinations when all else fails.

This is a serious assault on the Rule of Law by a demonstrably dishonest administration.

Meanwhile, P&ID is now focused on vigorously enforcing its legal rights in the UK, including seizing Nigerian assets to satisfy the award. This will begin as soon as possible.

Source: whirlwindnews

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Buhari Denies Ownership of Abuja Land Revoked by Wike

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Former President Muhammadu Buhari, on Thursday, denied ownership of a piece of land purportedly allocated to him by the Federal Capital Territory Administration (FCDA) in Abuja.

Media reports indicate that Minister of the Federal Capital Territory (FCT), Nyesom Wike, has revoked the ownership of 762 plots of land in the Maitama 1 District of Abuja, citing non-payment of statutory fees.

According to the trending reports, high-profile figures, including former President Muhammadu Buhari and former Chief Justice Walter Onnoghen, are among those affected.

The FCTA had also issued a two-week ultimatum to 614 other individuals and organisations, demanding they settle outstanding Rights of Occupancy (R-of-O) fees or risk losing their plots.
However, debunking the reports, the former President stated he is “not the owner of the said plot of land which is allocated in the name of a ‘Muhammadu Buhari Foundation.’”

In a statement issued by his media aide, Garba Shehu, in Abuja, the former President explained that he turned down the offer by the administration when it was presented to him.

The media aide further clarified: “When he and his cabinet members were invited to fill the forms and obtain land during his tenure in office, he returned the form without filling it, saying that he already had a plot of land in the FCT and that those who did not have should be given. He, therefore, turned down the offer.

“All those jumping up and down in the digital space talking about the rightfulness or the lack of it on the reported seizure of Buhari’s land in Abuja to get their facts right and stop dragging down the name of the former president.

“As with anything Buhari—and there is no surprise in this at all—there is a lot of buzz in the media on the reported seizure of a piece of land by the authorities of the Federal Capital Territory, Abuja, FCTA, allegedly belonging to the former President Muhammadu Buhari.

“Former President Buhari is personally not the owner of the said plot of land, which is allocated in the name of a ‘Muhammadu Buhari Foundation.

“The Foundation was itself floated by some utilitarian individuals around him who, it must be said, went about it in a lawful manner with the support of a number of well-meaning persons.

“But they ran into a roadblock in the land department of the FCDA, which handed them an outrageous bill for the issuance of the certificate of occupancy, very high in cost that did not at all compare with the bills given to similar organisations.

“It may have been that this was not erroneous, but a deliberate mistake, making the revocation of the land no surprise to anyone.

“As a person, the former President has a plot of land to his name in Abuja,” he added

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Dangote Refinery, a Wonder of Modern Technology – Japan Ambassador, Business Community

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The Dangote Refinery and Petrochemicals complex has been hailed as an astonishing masterpiece, showcasing Nigeria’s technological advancements on the global stage.

This accolade was shared by a delegation from the Japanese Business Community in Nigeria, led by Japan’s Ambassador-designate to Nigeria, Suzuki Hideo. The Dangote Group also reiterated that its petroleum products are in demand worldwide, as it expands its polypropylene section to reduce Nigeria’s reliance on imported polypropylene, a crucial material used in packaging, textiles, and the automotive manufacturing industries.

The Japanese delegation, which toured the impressive facilities housing both the Dangote Petroleum Refinery and Petrochemicals as well as Dangote Fertilisers, commended the state-of-the-art technology on display, noting that it reinforces Nigeria’s role as the gateway to Africa.

Managing Director of the Japan External Trade Organisation (JETRO), Takashi Oku, remarked that while Nigeria remains the gateway to Africa, the Dangote Refinery stands as a remarkable project that showcases the country’s technological progress. He added that the facility, as the world’s largest single-train refinery, is a point of immense pride for Nigeria. JETRO is Japan’s governmental organisation for trade and investment.

“We had heard about the excellence of the Dangote Refinery through the media but seeing it in person has left us truly amazed by its vastness and grandeur. It demonstrates that Nigeria’s population is not only growing but also advancing in technology. We are keen to collaborate with Nigerian companies, especially Dangote Refinery,” he said.

Emphasising that the refinery has bolstered Nigeria’s leading position in Africa, he further noted that the facility serves as an ideal introduction to the country for the global community.

Managing Director of Itochu Nigeria Limited, Masahiro Tsuno, also praised the sheer size and automation of the Dangote Refinery, calling it a miracle and one of the wonders of the world.

“I’ve seen many standalone refineries across the globe, including in Vietnam and the Middle East. However, this size of a refinery built by one single investor is probably a miracle in the world. And I’m just actually witnessing a miracle, to be honest, today,” he said. Tsuno indicated that his company would seek collaboration with the refinery across various sectors, including polypropylene and other petroleum products.

Commending the ambassador-designate and his team, which described the Dangote Petroleum Refinery as a wonder of modern technology, Vice President of Oil and Gas, Dangote Industries Limited, Devakumar Edwin, explained that the facility is the vision of a Nigerian investor- Aliko Dangote, designed and built by Nigerians, and intended to serve the global market.

He said that it is a point of pride that a Nigerian company not only designed but also built the world’s largest single-train refinery complex. Dangote Industries Limited, a Nigerian company, acted as the Engineering, Procurement, and Construction (EPC) contractor for the refinery. In the process, cutting-edge technologies from around the world were incorporated to ensure that the facility meets the highest standards. Edwin assured the ambassador-designate and the delegation that the company is open to collaboration, always striving to maintain the best possible standards.

“Even now, we have a lot of Japanese equipment inside both the refinery and the fertiliser plant. There are significant opportunities for collaboration, as we always seek the latest technology in any business we engage in. For instance, our cement plant laboratory is managed by robots, and we always embrace advanced technology. With Japan’s focus on technological innovation, there is ample scope for cooperation and for supplying various types of technology,” he said.

Edwin also stated that the Dangote Petrochemical project will significantly boost investment in downstream industries, creating substantial value, generating employment, increasing tax revenues, reducing foreign exchange outflows, and contributing to Nigeria’s Gross Domestic Product (GDP).

He confirmed that products from the refinery meet international standards and are already being exported globally.

“In recent weeks, we’ve exported petrol to Cameroon, Ghana, Angola, and South Africa among others. Diesel has gone all over the world, and jet fuel is being heavily exported to European markets. Our products are already making their mark internationally,” he said.

He further added that by leveraging Africa’s vast crude oil resources to produce refined products locally, the Dangote Group aims to create a virtuous cycle of industrial development, job creation, and economic prosperity.

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ICOBA 84-86 Set Donates N20m to Endowment

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The Christmas/End of Year party of the Igbobi College Old Boys Association (ICOBA) was filled with excitement, pomp and pageantry as the 84-86 set celebrated its 40th anniversary of leaving the school.
The highlight of the event was the donation of N20 million from the set’s endowment to serve as a seed fund for the national body’s endowment through the National ICOBA. The donation was received by Mr Femi Banwo, President ICOBA International and Mr Kunle Elebute, Chairman ICOBA National Endowment Committee

The 84-86 set’s Board of Trustees Endowment Committee had established an independent endowment in 2009 with a vision to create a lasting legacy for the set. Speaking at the occasion, the Chairman of the ICOBA 84-86 Board of Trustees and Endowment Committee, Dr. Falil Ayo Abina, expressed his delight, stating that it was a dream come true.

Dr. Abina explained that one of the core lessons learned at Igbobi College was “self-denial.”
He reminisced about the Self-Denial Fund (SDF), where students were taught to contribute their weekly “widow’s mite” to share with the less privileged in society. Dr. Abina emphasized that when the endowment committee conceived the idea of the endowment 15 years ago, they had this legacy in mind, aiming to serve a purpose greater than self.

The donation of N20 million to the national endowment is expected to inspire others within the alumni and other school alumni associations to follow suit.
This generous donation is the first in ICOBA’s history and arguably in Nigeria and sub-Saharan Africa.

The 13-member endowment committee, also include Demola Ipaye, Fola Laguda, Gbenga Aina, Demola Oladeinde, Jimi Onanuga, Abayomi Alabi, Kwami Adadevoh, Bayo Ayoade, Tunde Sadare, Wole Ogunbajo, Tunji Akinwummi, and Lanre Olusola, worked tirelessly to make this vision a reality and it was indeed mission accomplished for the ‘Nobles Nigerians‘ as Igbobians are called.

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