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$9.6bn UK judgment debts: FG links contract to Jonathan-led govt

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Nigeria’s Federal Government on Tuesday linked the contract which led to a judgement debt of $9.6 billion (N3.5 trillion) by a UK court to the administration of ex-President Goodluck Jonathan.

An Irish-owned firm, Process and Industrial Developments Ltd (P&ID) was granted court permission to seize up to $9bn (£7.4bn) in assets belonging to the Nigerian government.

Mr Justice Christopher John Butcher of the British Commercial Court had said that the firm could take 20 per cent of Nigeria’s foreign reserves, a move that would deal a devastating blow to the Nigerian economy.

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However, the government, at a joint briefing in Abuja by the Minister of Information and Culture, Alh. Lai Mohammed alongside the Minister of Justice, Abubakar Malami (SAN), the Minister of Finance, Zainab Ahmed and the Governor of the Central Bank of Nigeria,  Mr. Godwin Emefiele on Tuesday, said the judgment of the UK court could not stand.

He said President Muhammadu Buhari has ordered the Economic and Financial Crimes Commission (EFCC), the National Intelligence Agency( NIA) and the Inspector-General of Police to probe the criminal conspiracy behind the failed contract.

Details later…

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