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EFCC also established that a now-deceased petroleum minister broke the law by signing the contract without proper approvals and protocol.
The Economic and Financial Crimes Commission, EFCC, has applauded the dismissal of the arbitrary $6.6 billion judgment against Nigeria, won by the Process & Industry Development, P&ID Ltd, over a failed 2010 deal to develop a gas processing plant in the country. A United Kingdom Judge, Robin Knowles of the Business and Property Court in London, on Monday, October 23, 2023, ruled that the award was obtained by fraud and that what happened in the case was contrary to public policy.
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This Monday Nigeria will file a lawsuit at London's High Court seeking to overturn a $11 billion arbitration award that resulted in the country owing more than a quarter of its foreign exchange reserves to an oil and gas company.
There’s a shortage of helium and the pricing environment is right – if explorers can find any