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P&ID $11bn Award: Tinubu Hails Nigeria’s Victory at UK Court

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Tinubu Abeokuta

By Bliss Okperan

President Bola Tinubu has praised the judgement given by Judge Robin Knowles of the Business and Property Court in London, awarding victory to the Federal Government of Nigeria over Process & Industry Development (P&ID) Limited.

Mr Tinubu, on Monday, reacting to Judge Knowles’ dismissal of the $11.5 billion award plus accumulated interest, previously won by P&ID over a failed 2010 deal for a gas processing plant, on the grounds that the award was obtained by fraud, praised the UK Court for prioritizing the merits of the case above all other considerations.

Recall that P&ID, a firm based in the British Virgin Islands, won a $9.6 billion arbitration award against the Nigerian government after the collapse of a 2010 gas project.

President Tinubu in a statement issued by his Special Adviser on Media and Publicity, Mr Ajuri Ngelale, said, “This landmark judgment proves conclusively that nation-states will no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials who conspire to extort and in debt the very nations they swear to defend and protect.

“Today’s victory is not for Nigeria alone. It is a victory for our long-exploited continent and for the developing world at large, which has for too long been on the receiving end of unjust economic malpractice and overt exploitation.

“Nigeria is appreciative of the tremendous efforts of the defence team and acknowledges the role of the Federal Ministry of Justice and the Office of the Attorney-General in the process of defending Nigeria’s interest in this case.”

Business Post reports that P&ID agreed with Nigeria in 2010 to build a gas processing plant in Calabar, Cross River State, but the company said the deal collapsed because the Nigerian Government did not fulfil its end of the bargain.

P&ID claimed Nigeria breached the terms of the contract, P&ID took a legal recourse and secured an arbitral award against the country.

On January 31, 2017, a tribunal ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre-and post-judgement interest at seven per cost.

Nigeria applied for an extension of time and relief from sanctions and over the years, the penalty had accumulated to $11 billion.

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BPP Mandates Digital Submission for MDAs From March 1

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procurement standard BPP

By Adedapo Adesanya

The Bureau of Public Procurement (BPP) has directed all Ministries, Departments and Agencies (MDAs) to comply with its digital submission process effective March 1.

The directive was contained in a circular signed by the Director-General of the Bureau, Mr Adebowale Adedokun, noting that the move was part of the bureau’s commitment to digital transformation and paperless governance.

It explained that the transition followed an earlier circular of Aug. 4, 2025, which introduced electronic submission procedures.

According to the bureau, it has successfully moved from physical filings to a dedicated e-mail service for document submissions and is now advancing to a more robust and integrated system.

The circular announced the inauguration of the BPP Digital Submission Portal, a web-based platform designed to enable MDAs submit procurement-related documents directly to the Bureau.

It stated that the automated platform would streamline the submission process, enhance transparency and ensure accelerated tracking of procurement-related documents and petitions.

“With effect from March 1, all MDAs will be required to use the portal to submit requests for ‘No Objection’ Certificates, approvals for ‘No Objection’ for special procurements, clarifications and status updates on submissions,” the bureau said.

It added that the portal would be hosted on the Bureau’s official website and would become fully operational from the effective date.

The bureau warned that physical submissions or manual hand-deliveries would no longer be prioritised and would eventually be rejected following the full transition to the digital platform.

It urged accounting officers to brief their procurement departments and ICT units on the development to ensure seamless processing of procurement activities from March 1.

It further advised MDAs to contact the Bureau via its official email for information on the onboarding process and integration into the portal.

The bureau emphasised that full compliance by all MDAs was required to ensure a smooth transition and avoid delays in the implementation of the 2026 fiscal year procurement processes.

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Senate Seeks Removal of CAC Boss Hussaini Magaji

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Hussaini Magaji CAC boss

By Adedapo Adesanya

The Senate has asked President Bola Tinubu to remove the Registrar General of the Corporate Affairs Commission (CAC), Mr Hussaini Ishaq Magaji, from office.

The Senate Committee on Finance, while passing a resolution in Abuja on Thursday, accused Mr Magaji, a Senior Advocate of Nigeria (SAN), of failing to honour the Senate’s invitations to account for the finances of his agency.

“He refused on so many occasions to honour our invitation to appear before this committee.

“We have issues with the reconciliation of the revenue of CAC.

“Each time we invite him, he gives us excuses,” the Chairman of the committee, Mr Sani Musa, said as the committee passed the resolution.

CAC was part of a group of agencies that the House of Representatives Public Accounts Committee (PAC) recommended zero allocation for the year 2026, for allegedly failing to account for public funds appropriated to them.

The committee, at an investigative hearing held two weeks ago, accused CAC and some other ministries, departments and agencies (MDAs) of shunning invitations to respond to audit queries contained in the Auditor-General for the Federation’s annual reports for 2020, 2021 and 2022.

The PAC chairman, Mr Bamidele Salam, stated that the National Assembly should not continue to appropriate public funds to institutions that disregard accountability mechanisms, saying this will create fiscal discipline and strengthen transparency across federal institutions and conform with extant financial regulations and the oversight powers of the parliament.

“Public funds are held in trust for the Nigerian people. Any agency that fails to account for previous allocations, refuses to submit audited accounts, or ignores legislative summons cannot, in good conscience, expect fresh budgetary provisions. Accountability is not optional; it is a constitutional obligation,” he said.

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IBEDC Promises Stability, Growth After Board Restructuring

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ibedc prepaid meter

By Adedapo Adesanya

The Ibadan Electricity Distribution Company (IBEDC) has announced the reconstitution of its board following the resignation of three nominees of the Asset Management Corporation of Nigeria (AMCON), promising growth and stability.

Earlier this week, the disco, which serves Oyo, Ogun, Osun and Kwara States, as well as parts of Ekiti, Kogi and Niger States, unveiled its new board led by the new chairman, Mr Tunde J. Afolabi.

The newly constituted board include Mr Ayodeji Ariyo Gbeleyi, with Mr Michael I. Magaji as Alternate Director; Mr Taiwo Afolabi; Professor Oladapo Afolabi; Mr Tunde Fayinka; Mr Oluwaseyi Akinwale and Mr Adeolu Ijose.

According to the chairman, the emergence of a new core investor and the reconstituted board marks a significant milestone in the company’s corporate journey and signals a renewed strategic direction focused on stability, continuity and sustainable growth.

“This transition represents renewal, not rupture. It represents investment, not instability. It represents partnership, not division. Our goal is to strengthen governance, enhance operational performance, deepen capital investment and deliver improved service to customers across our franchise areas,” he added.

Mr Afolabi, while addressing customers directly, assured them that there would be no avoidable service disruptions as a result of the transition, stating that all IBEDC offices will remain open, while field operations will continue uninterrupted.

“The new core investor has committed to sustained capital investments in feeder rehabilitation and expansion, transformer upgrades and replacements, injection substation improvements, and the replacement of obsolete network components,” he stated.

He added that IBEDC plans to accelerate the integration of advanced digital and operational technologies, disclosing that these include enhanced outage management systems, strengthened billing platforms, expanded smart metering deployment, and digitised customer engagement channels aimed at improving transparency and service responsiveness.

On workforce stability, the chairman emphasised that there will be no job losses as a direct result of the transition, noting that the board, under his leadership, is committed to employee welfare, improved work tools, modern safety equipment, and technology upgrades to support field efficiency, while maintaining high performance standards.

Mr Afolabi also pledged proactive and structured engagement with regulators, including the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Electricity Management Services Agency (NEMSA), underscoring its commitment to full regulatory compliance, strengthened governance frameworks, transparency and accountability.

Furthermore, he reaffirmed the commitment of the distribution company to structured and timely payment cycles for vendors and suppliers, recognising their critical role in maintaining network stability.

With the new board in place, he insisted that IBEDC is poised to deepen operational excellence, strengthen financial sustainability, and position itself firmly on the path to becoming Nigeria’s leading power distribution company—powering progress across its franchise with unity, confidence and innovation.

Established in November 2013 following Nigeria’s power sector privatisation, IBEDC operates the largest distribution network serving the highest customer population within Nigeria’s electricity distribution landscape.

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