A Statement issued by Umar Gwandu, the Special Assistant, Media, and Public Relations to the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, disclosed that new evidence from investigations has proved that the 2010 contract was a sham that was never meant to succeed.
Adding that, the lawsuit is a major step forward in a bid to overturn the injustice of the US $9.6bn award. He further said “The filing challenges both the underlying arbitral award and its enforcement, and lodges a fresh appeal against the subsequent High Court judgment.
However, based on new evidence that has come to light in recent investigations, it is clear that the original contract was a sham commercial deal and designed to fail from the outset. The fraud was only recently discovered as a result of President Muhammad Buhari’s anti-corruption efforts spearheaded by the Economic and Financial Crimes Commission. As reported by the Punch.
Meanwhile, the situation is extremely serious for Nigeria if it eventually loses the case altogether. The $9 billion is equivalent to almost 2.5% of the country’s annual gross domestic product. Also, if Nigeria can’t afford to pay the sum, the country will lose its assets in the UK and the United States, depending on the assets P&ID chooses to seize and sell.