UNILAG AD
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, August 19, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
President Muhammadu Buhari

President Muhammadu Buhari

P&ID Contract Scandal: Buhari vows to punish corrupt, unpatriotic Nigerians

bySamuel Ogundipe
October 1, 2019
Reading Time: 2 mins read
3

President Muhammadu Buhari has condemned Nigerian officials who oversaw the problematic gas processing contract with Processing and Industrial Development Limited, an Irish engineering firm.

Mr Buhari promised to punish all Nigerians involved for their “corrupt and unpatriotic” act that threw Nigeria into a $9 billion arbitration liability.

“The P&ID arbitral award has underscored the manner in which significant economic damage has been caused by the past activities of a few corrupt and unpatriotic Nigerians,” Mr Buhari said in his speech to Nigerians at 59th independence.

The president said new measures were being institutionalised to ensure that no public official gets away with similar “criminal and unpatriotic acts” in future.

“Our renewed partnership with the 9th National Assembly will facilitate the swift passage of enabling laws that will institutionalise these anti-corruption efforts in our criminal justice system,” Mr Buhari said.

“In this connection, I call upon our States to intensify their own efforts to instil greater fiscal transparency and accountability. And to ensure greater fiscal efficiency and optimum use of our very scarce resources,” he added.

Nigeria entered into a gas processing and supply contract with P&ID in 2010. The Irish firm was tasked with ending hazardous incineration of Nigeria’s abundant gas supply by processing it for home and industrial use.

Even though Mr Jonathan had not been designated Nigeria’s president as of January 11, 2010, when the contract was signed, he was in charge during the botched implementation. He assumed office as acting president on February 9, 2010, barely a month after the contract was signed.

It was also under Mr Jonathan that P&ID alleged breach of contract and sought a heavy settlement.

TEXEM Advert

Still, PREMIUM TIMES found that Mr Buhari was himself not without culpability, despite his attempt to blame Mr Jonathan and his administration officials solely for the botched contract that now threatens Nigeria’s fiscal stability.

Documents seen by PREMIUM TIMES showed that Mr Buhari mismanaged the crisis and allowed the settlement to skyrocket from $850 million when he assumed office to $9.6 billion and counting today. An estimated $1.2 million is believed to be growing on the arbitral award per day.

Mr Jonathan’s government negotiated the $850 million settlement deal with P&ID, but deferred payment to Mr Buhari, who was then a president-elect.

However, Mr Buhari, his attorney-general, Abubakar Malami, and other officials abandoned the agreement and also failed to properly argue their decision before an arbitration tribunal. In hindsight, analysts said the crisis would have been significantly mitigated if the payment schedule prepared by the Jonathan administration had been followed.

Following weeks of controversy over the enforcement of the arbitral award by P&ID, Nigeria successfully argued in court a stay of execution. The stay of execution, which was contingent on Nigeria’s deposit of $200 million in 60 days, would enable Nigeria to appeal the arbitration tribunal’s decision and hold off P&ID’s moves to seize Nigeria’s assets abroad.

A spokesperson for Mr Jonathan did not immediately return requests for comments about the former president’s involvement in the P&ID case and the recent developments around it.

In his Independence Day broadcast, the president urged Nigerians to report corrupt and unethical practices.

“I will also call upon all Nigerians, from every walk of life, to combat corruption at every turn by choosing to question and confront corrupt practices, by reporting unethical practices or through whistleblowing,” he said. “Together, we can overcome corruption and will no longer be a country defined by corruption.”

  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • WhatsApp
  • Share on Tumblr
  • Pocket


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

Buhari directs release of N600 billion for capital projects

Next Post

Why we moved NDDC from SGF to Niger Delta Ministry – Buhari

Samuel Ogundipe

Samuel Ogundipe

Samuel Ogundipe is a general assignment reporter at PREMIUM TIMES. At various times, he has covered the Presidency, National Assembly and Defence. Twitter: @SamuelOgundipe

More News

CrossRiverWatch publisher and journalist, Agba Jalingo. [PHOTO CREDIT: Crossriverwatch.com]

UPDATED: Police arrest journalist Agba Jalingo

August 19, 2022
Gunmen release additional four people

Train Attack: Gunmen release four more hostages, threaten to marry female victim

August 19, 2022
Nigerian navy ship

Nigerian Navy arrests Norwegian ship stealing crude oil in Nigeria – Official

August 19, 2022
Azura independent power plant in Ihovbor Community, near Benin City, Edo State.

Reps panel queries $30 million monthly Azura power deal

August 19, 2022
The rescued victims (Photo Credit: Kaduna State Government)

Security forces foil kidnap in Kaduna, rescue victims

August 19, 2022
President Muhammadu Buhari [PHOTO CREDIT: @Buharisallau1]

Chad’s stability is in Nigeria’s interest – Buhari

August 19, 2022
Read All Comment

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2022 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • PT Hausa
  • Dubawa NG
  • Careers
  • Contact Us
  • Digital Store

All content is Copyrighted © 2022 The Premium Times, Nigeria