$9bn judgment: Buhari orders probe into P&ID

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President Muhammadu Buhari has ordered a thorough probe into Process and Industrial Developments Ltd which was recently granted permission by a British court to seize $9.6 billion dollars in Nigerian assets.

According to the Minister of Information and Culture, Lai Mohammed, the president directed the Economic and Financial Crimes Commission (EFCC), the National Intelligence Agency and the Inspector General of Police to take charge of the investigation.

Mohammed said the Federal Government suspected foul play in the contract which was negotiated and signed in 2010.

“Indications are that the whole process was carried out by some vested interests in the past administration, which apparently colluded with their local and international conspirators to inflict grave economic injury on Nigeria and its people.

“In view of the above, and in an attempt to unravel the circumstances surrounding the entire transaction, the Honourable Attorney General of the Federation, with the approval of Mr President, has requested the Economic and Financial Crimes Commission, the National Intelligence Agency  and the Inspector General of Police to conduct a thorough investigation into the company, the circumstances surrounding the agreement and the subsequent event, which includes commencing a full-scale criminal investigation,” Mohammed said.

The minister further assured that despite the court judgement, Nigeria was not about to lose any of its assets.

He added, “Nigerians should be assured that the Federal Government is taking  all necessary steps to appeal the decision of the UK Court, to seek for a Stay of Execution of the decision, to defend its rights and to protect the assets of the people of the Federal Republic of
Nigeria.”

 




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