Featured
$9.6bn Scam: Court Winds Up P&ID, Orders Forfeiture Of Assets …As Nigeria’s Legal Team Meets In London, Moves For Revocation of Fine
The Federal High Court in Abuja, yesterday, convicted and subsequently ordered the winding up of Process and Industrial Development Limited and its Nigerian affiliate, P&ID Nigeria Limited, for charges of fraud and tax evasion in respect of the contract leading to the recent controversial judgment of a British court empowering the firm to seize about $9.6billion worth of Nigerian assets.
Justice Inyang Ekwo, in his judgment also ordered the forfeiture of “the assets and properties” of the two firms to the Nigerian government.
The judge made the orders shortly after the two firms, through their representatives, pleaded guilty to the 11 counts instituted against them by the Economic and Financial Crimes Commission (EFCC).
Relying on provisions of Section 19(2) of the Money Laundering Prohibition Act, 2011, and Section 10(2) of the Advance Fee Fraud and Other Related Offences Act, 2006, the court ordered the Federal Government to wind up the two firms and confiscate all their assets in the country.
While P&ID Limited incorporated in British Virgin Island was represented in the dock by its Commercial Director, Mohammad Kuchazi, P&ID Nigeria Limited was represented by Adamu Usman, who is also a lawyer.
Kuchazi was represented by his lawyer, Dandison Akurunwua, while Usman represented himself.
Both men pleaded guilty on behalf of the companies to all the 11 counts read to them before Justice Ekwo, yesterday.
They were accused of among others, fraudulently claiming to have acquired land from the Cross River State Government in 2010 for the gas supply project agreement which led to the $9.6billion judgment.
After the defendants pleaded guilty to the 11 counts, an EFCC investigator, Usman Babangida, was called to the witness box for review of facts which was not opposed by the defence.
Documents relating to the controversial 2010 gas supply contract and EFCC’s investigation activities were tendered and admitted by the judge as exhibits without objection from the defence.
The judge then went on to pronounce the two firms represented by the two men guilty.
Making an allocutus, plea for mercy, P&ID’s lawyer Akurunwua, urged the judge to consider “the forthrightness and candour” of P&ID by pleading guilty and not wasting the time of the court in the trial.
Meanwhile, with the trial and conviction of both the British Virgin Island and the Nigerian affiliate of Process and Industrial Development Limited (P&ID) by a Federal High Court for fraud and corruption, Nigeria is set to present the United Kingdom Appeal Court handling the case, with a new set of pleading to revoke the monumental award against the country.
Beyond the conviction of the company, the Nigerian federal court also ordered the forfeiture of the assets of the company to the Federal Government.
Arising from the judgment, a consortium of Nigeria’s legal team is set to meet in London early next week with a view to reviewing the case and making an appropriate adjustment to its deposition towards the revocation of the award earlier granted by the court to the shadowy company, which has now been convicted.
It was learnt that with the conviction, Nigeria is likely going to argue before the court of appeal that the UK commercial and Arbitration Court was misled by the suspects to grant the huge award and should, therefore, be revoked given the new and better information that was unavailable to the country at the time.
Minister of Justice and Attorney General of the Federation, Abubakar Malami, yesterday, confirmed that the legal team would be converging in London to review the case and take further steps to advance the cause of justice and Nigeria in the case, which has drawn global attention.
Malami said: “Nigeria is expected to review its strategy in view of the unfolding development as it relates to the conviction of some of the suspects that have admitted to fraud and corruption that gave rise to the award.
“The implication of today’s conviction of the suspects by the FHC in Nigeria is that Nigeria has a judicial proof of fraud and corruption as a foundation of the relationship that gave rise to a purported liability and arbitral award.
“From the available evidence, Nigeria now has a cogent ground to ask for the setting aside of the entire liability.
Featured
We’ve Only One House Of Assembly Led By Oko-Jumbo, Fubara Clarifies …Signs Into Law N1.188trn Rivers 2025 Budget
Rivers State Governor, Sir Siminalayi Fubara, has insisted that there is only one House of Assembly existing in the State, and it is led by Rt Hon. Victor Oko-Jumbo.
Governor Fubara made the clarification shortly after giving assent to the Rivers State Appropriation Law No.1 of 2025, at Government House in Port Harcourt.
The Governor said the records need to be put straight to address insinuations in some quarters about a possible splitter in the Legislature, and stated that there is no such division.
Governor Fubara stated: “I want to say this, maybe, for some persons somewhere who are still mixing up issues. We have only one Rivers State House of Assembly, and that Assembly is headed by Rt Hon Victor Oko-Jumbo”.
He described those who abdicated their mandate in the House as a group of friends who had embarked on Sinbad journey, and half-way into the journey, they decided to return, saying, “It is too late. We are not going back. As far as I am concerned, we have moved on.”
Governor Fubara said that as it stands now, the focus of his administration is to do everything possible in defending the interest of Rivers State and the integrity of governance, and assured that with the 2025 budget now signed, every projection made in it will be addressed to deliver hope and good life to all residents in the State.
He said, “We will make sure that we kick-start, so that the record of performance that was accorded by this administration in the year 2024 will be higher in this year, 2025.
“Let me first thank the Rivers State House of Assembly for doing very diligent job, and also realizing the task that we have ahead of us, which is to continue to work for Rivers people. So, I want to thank you for working very hard and ensuring that we hit the ground running in this New Year.”
Governor Fubara also commended members of the State Executive Council, which he described as the management team, especially the Deputy Governor, for their support and cooperation, and particularly thanked the Commissioners for Finance, and Budget, as well as the Acting Chairman of Rivers State Internal Revenue Board, for the wonderful job they did last year.
He noted, “We expect you to do more because we have a bigger task ahead of us. We have made some promises to our people. Education, Health and Agriculture; we must make sure we make good impact just like we have done in the areas of road and other aspects of the economy. We made a promise to you (Rivers people) that we will continue to protect, defend and promote the interest of our dear State.”
In his speech, Speaker of Rivers State House of Assembly, Rt Hon Victor Oko-Jumbo, asserted that Rivers people witnessed unprecedented growth in the State made possible by the administration of Governor Fubara in infrastructure development, healthcare delivery, education, social welfare, security and other sectors.
Rt Hon Oko-Jumbo pointed to how Governor Fubara has become the beacon of hope of the common man on the streets, because, according to him, they are happy with the positive impact his leadership style has afforded them.
The Speaker explained that Governor Fubara has paid Rivers civil servants and pensioners N100,000.00 Christmas Bonus, being the second time; and approved and paid N85,000.00 minimum wage (salary) to civil servants, which have stood him out as a leader that prioritises the well-being of the people.
He said, “Your Excellency, 2025 promises to be a year of strategic planning and partnership. We have no doubt that you will carry out the task of developing and delivering the dividends of democracy to every nook and cranny of Rivers State. So, Your Excellency, on behalf of the 10th Rivers State House of Assembly, we want to say thank you for being the People’s Governor, and thank you for the strategic partnership with the Legislature. Your Excellency, 2025 promises to be a year of exponential growth in Rivers State.”
Presenting the 2025 Budget to Governor Fubara for assent, Leader of the House, Hon Sokari Goodboy Sokari, said the total projected estimate of N1,188,962,739,932.36 for the 2025 fiscal year indicated a huge leap from previous year’s figure, indicating progress and assuring multiplication of comfort that good leadership can provide.
Hon Sokari also noted the strategic allocations for Recurrent and Capital expenditures that provide for the welfare of workers and retirees, more development projects, as well as savings that will be made from accruing revenues.
Featured
Tinubu calls for increased currency swap between China, Nigeria
President Bola Tinubu yesterday urged the Chinese government to increase the two billion dollar currency swap between Nigeria and China to enhance trade between the two countries.
He also called for an upward review of the 50 billion dollar aid package for Africa, which China’s President Xi Jinping announced last year.
China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately 2 billion dollars), to enhance trade and investment.
Receiving Wang Yi, the Minister of Foreign Affairs of China, at the State House, the President said increasing the level of currency swaps would speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.
“We still demand more in the area of currency swap. The level you have approved as a government for Nigeria is inadequate considering our programme. If you can increase that, it will be well appreciated.
“Our bond should grow stronger and become unbreakable,” the President said.
Regarding the 50 billion dollars pledged by the Chinese government to support Africa, President Tinubu noted that the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.
“I am happy you are part of China’s highest decision-making body. We will want you to use your position to influence improved project funding.
“First, I say yes to the 50 billion dollar support, and thank you for contributing to African growth. The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts.
“All share your vision of rapid development. Africa values the relationship with China, and we seek deeper collaboration for infrastructural development,” he stated.
President Tinubu called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.
“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” the President said.
Tinubu said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding.
“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.
“My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action,” he said.
Yi thanked Tinubu for appointing a Director General and Global Liaison, Nigeria—China Strategic Partnership, to oversee the implementation of the MOUs for the rapid development of the Nigerian economy.
“I would like to thank Nigeria for abiding by the one-China principle, and we will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism and ensuring regional security,” he said.
Yi said Chinese investments in the country would focus on employment generation and infrastructural development.
He said the Chinese National Development Bank had started funding some development projects.
He also said the Chinese government would support including an African country in the UN Security Council.
“We stand with Africa, and we will not support a country that invades another country,” he stated.
The foreign minister said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism.
He said China fully supported Dr Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.
The minister lauded President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s support.
“You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased.
“Nigeria has played an important role in upholding regional peace and has become an important force for African stability.
“We congratulate Nigeria on its achievements and believe that, under your leadership, Nigeria will realise greater achievements,” the Chinese foreign minister stated.
Featured
FG urges unified efforts against emerging COVID-19 threats
The Federal Government has called for unified efforts by stakeholders to tackle the emerging COVID-19 variants in the country.
Prof. Muhammed Ali Pate, the Coordinating Minister of Health and Social Development, made the call in Abuja on Thursday, at a strategic meeting on COVID-19 preparedness and response.
The meeting was organised by the National Emergency Management Agency (NEMA), following the recent emergence of a new COVID-19 variant in China and subsequent international concerns about the spread of the deadly virus.
The Tide source reports that NEMA conveyed the strategic stakeholders meeting to discuss preparedness, response plans, and proactive measures within Nigeria’s national context against the virus.
The minister, represented by a Director in Public Health Department at the Ministry, Mrs Chidinma Agbai, highlighted the devastating global impact of the pandemic and Nigeria’s resilience in spite of initial dire predictions.
He warned against misinformation and urged collaboration among stakeholders, including health officials and the media, to strengthen border controls and revive pandemic response infrastructure.
“A couple of months, the global world became affected one way or the other. you saw the number of people that were lost. They were counted in millions, people that were lost through COVID-19.
“You also saw the countermeasures that were taken by various countries. And surprisingly, those of us in Africa and Nigeria in particular, were expected to count our dead in millions. But God being our helper, It did not consume so much.
“But one life is a serious loss to a nation. So many Nigerians lost their lives, not really because of COVID-19, but because of countermeasures,” he said.
According to him, during the last COVID-19 and Ebola, people were told to take salt. Some people were told to take potash. So many countermeasures were introduced, and a lot of people lost their lives.
“So, now again in this harmattan period, we have to be careful because COVID-19 started in the harmattan period too, in the past years, it has reared its head again in China.
“This time around, it’s a mutant type that has come up. And China, being what it is, is keeping quiet. They don’t want to raise alarm as to what they are experiencing.
“They’ve closed their doors to various appeals for them to speak up.
“So for us in Nigeria, we have to put deliberate efforts to ensure that those who are coming into Nigeria, or those who are leaving the country, are protected,” he said.
He emphasised the importance of agencies such as the Nigerian Immigration Service (NIS) and others in ensuring that the country’s borders were under surveillance.
He urged that similar measure taken to curtail Ebola some years back should be applied at the airports, the land borders and the sea ports to secure the lives of Nigerians.
The minister also called for renewed efforts in vaccine development and public education to prevent panic and safeguard lives.
The Director-General of NEMA, Mrs Zubaida Umar, in her remarks called for proactive planning, collaboration, and resource mobilisation to safeguard the country’s public health emergencies.
Umar, who was represented by the Director, Planning Research and Forecasting, Mr Onimode Bandele, said that the meeting was crucial amid global concerns.
The director-general stressed the importance of information sharing, transparency, and a unified approach in addressing the challenge.
“The recent COVID-19 situation emerging from China serves as a stark reminder that public health emergency recognises no borders.
“In today’s interconnected world, a health threat in one country has the potential to impact nations across continents.
“While Nigeria is not directly affected at the moment, proactive planning, preparedness, and collaboration are essential to safeguarding our citizens and mitigating any potential risk.
“In line with this mandate, NEMA aims to be number one to share insight and update on the current global COVID-19 situation and its potential implication for Nigeria,” she said.
Umar also reaffirmed NEMA’s commitment to effective disaster management and urged unified efforts to maintain Nigeria’s resilience against global health threats.
On his part, Mr Hopewell Munyari, Operations Manager, International Federation of Red cross, urged Nigerians to learn from the COVID-19 response to improve future emergency efforts.
Munyari underscored the Nigerian Red Cross’s role as an auxiliary to government, actively working on responses like Lassa fever and mFox outbreaks.
He also called for leveraging global Red Cross networks and volunteers to enhance preparedness and ensure timely, reliable communication with communities.
-
Business1 day ago
Agency Partners Foreign Varsity On Climate-Smart Agriculture Advancement
-
Nation1 day ago
NUJ backs proposed strike by Lagos-owned media workers
-
Niger Delta1 day ago
Fouchee Celebrates Asari’s Recognition
-
Niger Delta1 day ago
NDDC Boss Thanks God For Transformation … Promises More Infrastructural Projects
-
Business1 day ago
NACCIMA Rep Urges Farmers To Exploit Hybrid Oil Palm Seedlings
-
News1 day ago
4 Professors, 2 SANs Unveil Book On FUBARAISM …Commend Rivers Gov’s Dev Strides
-
Politics1 day ago
NASS Sets Date For 2025 Budget Passage
-
News1 day ago
Nothing’ll Stop Governance In Rivers, Fubara Assures …Says We Won’t Allow Anyone Take State For A Ride