Obinna Chima and Martins Ifijeh
As the federal government tries to wriggle its way out of the failed gas project proposed to be executed by an Irish-owned firm, Process and Industrial Developments (P&ID) Limited, that has plunged the country into a $9.9 billion judgment debt, Nigeria risks fresh multi-billion US dollars judgment debts in several other cases if the federal government decides to stay aloof in pending arbitrations, THISDAY’s investigation has revealed.
Documents obtained by THISDAY from sources in the Ministry of Justice showed that the federal government has fresh arbitration cases that might cost the country over $3.5 billion.
For instance, there is the Interocean Oil Development Company and Interocean Oil Exploration Company versus the Federal Republic of Nigeria, which is still pending; while the debt in the case between Nigerian Agip Exploration Limited et al versus the Nigerian National Petroleum…
Source: Thisday Newspaper
