FG to challenge UK court’s $9.6bn judgment in US

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President Muhammadu Buhari has asked the Economic and Financial Crimes Commission, the National Intelligence Agency and the Inspector-General of Police, Mohammed Adamu, to investigate the activities of the Process and Industrial Developments Limited.

The company was recently asked by a United Kingdom court to seize $9.6bn in Nigerian assets.

The Minister of Information and Culture, Lai Mohammed, who disclosed this at a joint press conference in Abuja on Tuesday, also said the Federal Government was challenging the UK court’s $9.6bn judgment in a United States of America’s court in order to protect the country’s interest and its assets.

Mohammed was joined at the press conference by the Attorney-General of the Federation, Abubakar Malami (SAN); Minister of Finance, Budget and National Planning, Zaynab Ahmed; and the Governor of Central Bank of Nigeria, Godwin Emefiele.

The minister said the President’s decision to probe the firm and its activities was based on the fact that the Federal Government suspected foul play in the contract which was negotiated and signed under the past administration in 2010.

He said, “We want to place on record that the Federal Government views with serious concerns the underhanded manner in which the contract was negotiated and signed.

“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.




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