$9bn judgement debt: Fed Govt threatens to prosecute Nigerians over seizure of foreign assets

The Federal Government on Thursday vowed to bring to book anyone found culpable in the agreement between Nigeria and a foreign firm, P & ID, that led to the award of $9bn judgment debt against Nigeria.

A British Court had in a judgement delivered on August 16 ordered the seizure of 20 per cent in assets of Nigeria’s foreign reserves, amounting to $9bn (£7.4bn).

Justice Butcher of the British Commercial Court while delivering judgment in the suit filed by an Irish firm, Process and Industrial Developments Ltd (P&ID), against Nigeria gave the firm the go-ahead to seize Nigeria’s asset to the tune of $9bn.

The government has said it would appeal the judgment and has instructed its lawyers to initiate appeal proceedings against the judgment in the British court.

However, the Attorney General of the Federation and Minister of Justice, Abubakar Malami SAN, in his maiden speech at the ministry said the administration of President Muhammadu Buhari would not allow the matter to be swept under the carpet, adding that all those involved in the agreement which, according to him, was not made in the interest of the nation shall be punished.

While indicting the previous administration, Malami said, “As a government we would not fold our hands, we shall do everything to bring to book all those involved in the conception, negotiation, signing and execution of the agreement”.

Apart from his promise to deal with those who according to him have plunged the nation into difficulty, Malami disclosed that henceforth financial institutions found to have aided corruption and corrupt politicians in the country would be brought to book.

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