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$9.6B P&ID JUDGMENT: House of Reps summons AGF, Sylva

House of Reps

The Federal House of Representatives on Wednesday expressed its readiness to summon the Minister of Justice and Attorney General of the federation, Abubakar Malami and his counterpart in the Ministry of Petroleum Resources, Timpriye Sylva.

Their invitation, according to information gathered, was not other than the recent judgement debt of $9.6 billion by a commercial court in the United Kingdom against Nigeria.

The lower legislative chamber of the National Assembly had set up a 17-man ad hoc committee to invite the duo over the matter.

It was gathered that the ministers would give a situational report on the matter and explain the lapse in judgement of time and due diligence in the (miss)handling of the case with a view to finding lasting solutions to the avalanche of extant and in future cases.

The ad hoc committee is headed by Hon. Sada Soli (APC Katsina).

Read also: FEC approves N8.2billion for roads across Nigeria

It was also learnt that the House of Representatives would also be inviting other officials of the ministries, saddled with the responsibility to negotiate the agreement with P&ID and the prosecution of the matter before the tribunal.

This was sequel to the passage of a motion of urgent national importance sponsored by a member, Hon. Julius Ihonvbere.

While moving the motion, Ihonvbere pointed out that the recent judgement debt of $9.6 billion (with daily interest accruing) by a commercial court in the United Kingdom against Nigeria, in a matter between Process and Industrial Development (P&ID) Limited “leaves a very sour taste in the mouth.”

According to him, for a country with a foreign reserve of only $45 billion and a sovereign debt profile of over $80 billion, the judgment debt is not only punitive but would devastatingly affect the Nigerian economy.

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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