President Muhammadu Buhari has criticized the gas processing agreement between Nigeria and Process and Industrial Development Limited (P&ID) signed in 2010.
Addressing World leaders at the 74th Session of the United Nations General Assembly in New York, the United States, Buhari described the failed deal as a cheat to rub Nigeria of money running into billions of dollars.
Buhari also reaffirmed his administrations commitment to tackling corruption head-on stressing that Nigeria will make an example of international criminal groups by the vigorous prosecution of the P&ID scam.
A Nigerian court had last week ordered the closure of P&ID activities in the country and forfeiture of its assets to the federal government.
The court gave the judgement after two alleged representatives of the company pleaded guilty to fraud and tax evasion.
A Nigerian government official accused of collecting twenty thousand dollars as kick-back to ensure the success of the deal has also been arraigned and detained in Prison.