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Nigeria’s Central Bank Gov punctures P&ID’s claims, says it did not invest any money in Nigeria



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More facts are beginning to emerge in the controversial contract awarded Process and Industrial Development LTD by the Nigerian government in 2010, as the Governor of the Central Bank of Nigeria (CBN), Goodwin Emefiele has said that the company did not invest any money in the country.

It would be recalled that P&ID recently won a suit granting it the right to seize $9.6bn in Nigerian assets in a court in the United Kingdom.

Speaking at a press conference in Abuja on Tuesday, Emefiele described the contract leading to the judgment as a “fraudulent contract” between the Ministry of Petroleum Resources and P&ID.

According to him, contrary to its claims in the media, the foreign firm did not invest any money on the contract in Nigeria.

He said: “We have heard and also read in some media that P&ID or the contractor in this case had mentioned that it had invested close to about $40m in the project.

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“On our part as the Central Bank of Nigeria, we note that P&ID is a foreign company.

“As a foreign company, if you are investing either in a contract or a project in Nigeria, there are various options you will adopt in bringing in your investment.

“If you are bringing in capital, in which case you are bringing in the money, you will fill Form A and you will also collect a certificate of capital importation.

“If you are bringing in machine or assets to execute your contract, then in this case you will fill Form M and also collect a certificate of capital importation to prove that you actually brought in money.

“We have gone through our records, we do not have any information in our records to show that this company brought in one cent into this country and we have accordingly written to the Economic and Financial Crime Commission and the Intelligence Department of the Nigeria Police that are currently investigating this matter.”

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