$9.6bn Judgement: Reps Summon Malami – Sylva, Others

They are to give situational report on the matter and explain the lapse in judgement of time and due diligence in the (miss)handling of the case with a view to finding lasting solutions to the avalanche of extant and future cases.

The ad hoc committee is headed by Hon. Sada Soli (APC Katsina).

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The lawmakers are also to invite other officials of the ministries, saddled with the responsibility to negotiate the agreement with P&ID and the prosecution of the matter before the tribunal.

This was sequel to the passage of motion of urgent national importance sponsored by a member, Hon. Julius Ihonvbere.

Ihonvbere, while moving the motion noted that the recent judgement debt of $9.6 billion (with daily interest accruing) by a commercial court in the United Kingdom against Nigeria, in a matter between Process and Industrial Development (P&ID) Limited “leaves a very sour taste in the mouth.”

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He said for a country with a foreign reserve of only $45 billion and a sovereign debt profile of over $80 billion, the judgment debt is not only punitive but would devastatingly affect the Nigerian economy.

Details shortly…

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