An initial $850 million settlement agreement was reached by a previous administration but was challenged by President Muhammad Buhari. The court granted Nigeria's request for a stay on asset seizures but ordered a $200 million payment to the court within 60 days. The court also converted the arbitration award into a legal judgment, allowing P&ID to attempt international asset seizures.
Nigeria initiated investigations through the EFCC and uncovered evidence of payments made to a Nigerian government lawyer overseeing the gas plant contract. These payments, totaling $20,000, raised concerns of impropriety and fraud. Nigeria filed fraud charges against P&ID, which the company failed to respond to.
The EFCC emphasized the lack of evidence supporting P&ID's legitimacy and its ability to fulfill the contract. The EFCC argued that the massive judgment debt could be better used for crucial public issues in Nigeria.
With the recent court judgment, Nigeria's assets are secure, both domestically and abroad. Trials of key suspects involved in the fraud are ongoing in Nigerian courts. Two British nationals were arraigned in Nigeria for their involvement in the controversial P&ID gas processing contract and the $9.6 billion arbitral award.
This summary highlights the key events in the P&ID contract dispute, including the fraud allegations, legal proceedings, and the EFCC's efforts to protect Nigeria's interests.