P&ID Award: We Will Not Succumb – Malami

Attorney-General and Minister of Justice, Abubakar Malami, has vowed that Nigeria would not succumb to the P&ID arbitration award even if Thursday’s judgement to enforce the award went against the government. Speaking in interview with Daily Trust in London, Malami said “We are not succumbing, we are not immediately and readily available to pay this sum, and we will fight it to the letter”. “Our options are multiple and dimensional. Almost all the options are rooted in law. So if the ruling happens to be against us, we would work in line with the available options open to us by law and continue fighting “We are here to put across our defence, seeking fundamentally, to appeal the award in its own right, to stay the execution of the award and take steps at the end of the day that nothing adverse and prejudicial happens against the interest of Nigeria by way of attachment of its national assets”. He said the high-powered Nigerian delegation has been “moving round the clock to put our narratives in the public space for the international community to understand and appreciate fully that Nigeria remains a very friendly investment environment. “But then, definitely, Nigeria will never, ever compromise on its interests for fraudulent investors that are out to attack the economic interests of Nigeria by way of fraudulent dealings and taking away its assets fraudulently” The minister described the delegation’s visits to media outlets and other organisations in the UK as very successful. “The international community have come to understand and appreciate fully the circumstances that gave rise to the award, and our position and resolve to ensure that no Nigerian asset is eventually attached for the purpose of settlement of an award that we believe is rooted in fraudulent foundations”, he stressed. A British arbitration court recently awarded P&ID $9.6 billion against the federal government of Nigeria on grounds of a failed contract. The proceedings slated for Thursday are aimed at enforcing the award by attaching Nigerian assets for the purpose of satisfying the judgment arising from the award.