Details on the $9.6 Billion Lawsuit Nigeria is battling with P&ID, an unknown company

What started out as an alleged contract between the Nigerian Government and a U.K Company, Process and Industrial Development Ltd. has turned into an award of $9.6 Billion lawsuits and growing by

In a bid to reduce flaring in the oil-rich Niger Delta, the Nigerian Government reportedly signed a contract with Process and Industrial Development Ltd. in 2008 to end flaring by using oilfield gas to generate electricity, and since they were unable to convince big multinationals to invest in the venture, concessions were given to smaller companies, P & ID included.

The owner of the small company, Michael Quinn had very close ties with the decision-makers at the time and allegedly secured a 20 year supply of unrefined gas that P & ID would build and in return make profits from the gas byproducts of the process, butane and propane.

The plan seemed like a win-win situation for all involved parties including the villagers in the community who would receive the benefit of well-lit homes.

In an uncanny twist of events, the government failed to secure waste gas from oil companies and the plant never materialized. P & ID then went ahead to notify the oil ministry of its plans to sue the country for a Breach of Contract and was awarded a $6.6 Billion, the largest amount a company ever received in a similar case with a sovereign state with the benefit of seizing as many assets in form of cargo ships and any other assets to offset the costs including banks.

More recently, P&ID also won a ruling from a Judge in London granting it express permission to begin seizing as many assets to upend the cost.

However, the Nigerian Government has countered that from inspection the plan was already poised to fall through and is insinuating mischief, according to Abubakar Malami. The CBN Governor, Godwin Emefiele also disclosed that the contract could not have been approved legally as it is a violation of the Nigerian Monetary policy.

Founders of the P & ID company don’t seem to exist as well as other details of this company threatening to disrupt the entire Nigerian economy as 9.9 billion is a sum with deep consequences for the entire nation.

The Minister of Finance and other similar ministers have urged Nigerians to not fear or be bothered as they are certain Michael Quinn will come up with nothing considering his less than pristine background in such shady deals.