Bad habits and corruption in the system are causing the nation mounting anxiety
A combination of weak and compromised institutions cutting across the executive, legislature and judiciary is increasingly encouraging the culture of corruption and impunity in Nigeria. While the country is still struggling hard to free itself from the attempt by the Process and Industrial Development Ltd (P&ID) to skim off $9.6 billion in damages through a failed gas processing contract, another similar case has popped up. A company named Petro Union Oil and Gas Ltd is demanding a mind-boggling sum of about $15 billion from the Central Bank of Nigeria (CBN) and Union Bank Plc and indeed, Nigeria, for a transaction that was at best intriguing. The court must act expeditiously to curtail another assault on our commonwealth.
Hearing resumes at Supreme Court on $15b judgment against Nigeria, others
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The curious £2 55bn award against Nigeria
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Petro Union, CBN, UBN £2 5billion case resumes tomorrow at Supreme Court
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Davidson Iriekpen
The Supreme Court will tomorrow continue its hearing in the case involving the Central Bank of Nigeria (CBN), Union Bank of Nigeria (UBN) and an oil and gas company – Petro Union Oil and Gas Limited (Petro Union) over an alleged £2.550billion fraud.
The series of incidents upon which the case is based began in 1994 when Petro Union was alleged to have fraudulently procured a cheque from a branch of Barclays Bank in the UK with a value of £2.556 billion and presented it at one of Union Bankâs branches in Lagos, with a claim that it had a contract purportedly for the purpose of constructing two refineries, a fertilizer plant and a cement paper bag plant.