The Nigerian Senate has resolved to invite the Minister of Justice and Attorney-General of the Federation, Abubakar Malami, over the $9.6bn arbitral award against the Federal Government. Premium Times reports.
The lawmakers took the decision after adopting a motion brought before it under Matters of Urgent National Importance by Michael Bamidele (PDP, Ekiti).
In August, the UK’s Business & Property Courts granted P&ID’s request to enforce a 2013 award against Nigeria by a three-member arbitration tribunal.
The tribunal relied on the Arbitration Act 1996 (England and Wales) and the Nigerian Arbitration and Conciliation Act 2004.
The amount standing against Nigeria is about 20 per cent of the country’s foreign reserves, and if executed, the consequences will be unpleasant for every Nigerian, Finance Minister Zainab Ahmed said.
Former CJN, Alfa Belgore was exposed for helping British firm, Process and Industrial Developments Limited (P&ID), to secure the arbitral award of about $9 billion (N3.2 trillion) against his country.
Mr Belgore, who was head of the Supreme Court between 2006 and 2008, painstakingly analysed Nigeria’s laws, exploited its shortcomings and cited case laws for the benefit of the British firm.
Some Lawyers said that Mr Belgore was in clear violation of the Constitution for working for P&ID and should be prosecuted under the law.
Based on this, the lawmakers asked that Mr Malami and officials of Ministry of Petroleum Resources alongside professional arbitrators on behalf of the Federal Government to meet with the Senate committees on Judiciary and Human Rights Matters, Petroleum Upstream and Gas Resources and Power.
They are expected to provide details of the 2010 contract, the reasons for the default, handling of resultant negotiations, court proceedings and steps being taken to resolve the matter.
The House of Representatives had last week also resolved to invite Mr. Malami and Minister of State for Petroleum, Timipre Sylva, for questioning.
The move by the lower chamber followed the adoption of a motion moved by a member from Edo State, Julius Ihonvbere, at the plenary on Wednesday.
It was titled, ‘Motion for the urgent need to investigate the act of negligence in the handling of the Process and Industrial Development Limited’s transaction by the Ministry of Justice and Ministry of Petroleum Resources, respectively.’
