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P&ID: Nigeria Recovers $200m, $10m Bond from UK

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By Adedapo Adesanya

The federal government has recovered the sum of $200 million and another $10 million award it deposited as a bond in a UK court towards its defence of the $11 billion arbitrary award to Process and Industrial Development (P&ID) Limited.

This was disclosed by the Attorney-General of the Federation and Minister of Justice (AGF), Mr Lateef Fagbemi (SAN) during a visit by a team of lawyers who defended the country in the UK to the Ministry led by Ms Shaistah Akhtar.

He commended the efforts of Ms Akhtar and a former Director of Legal in the ministry, Mr Kofo Salam-Alada, in the legal victory and recovery of funds to the federal government.

“The whole country has celebrated our success in the Process & Industrial Developments Ltd (P&ID) case and applauded my resilience and determination not to negotiate or settle with the fraudsters but many do not know that my strength was derived from dedicated and uprightness of the FGN-P&ID coordinating team which was led by Kofo Salam-Alada who gave me the necessary support.”

Mr Fagbemi also wished Ms Salam-Alada happy retirement from the service, saying “So, it is personally disheartening for me to bid Kofo farewell from the public service career, but I have taken solace in the fact that a golden fish has no hiding place and it therefore certain that the country will continue to beckon on him for the benefit of all Nigerians.”

On her part, Ms Akthar, who was accompanied by Ms Lydia Allaby, explained that the $10 million paid was to Nigeria from the $20 million awarded in favour of Nigeria after P&ID lost the case.

She, however, added that the outstanding $10m is a subject of legal challenge by the firm.

She noted that the Nigerian case was among the only 14 per cent of successful challenges against arbitral award cases.

A Court of Appeal in the UK had dismissed the appeal of P&ID, on a previous judgment halting the enforcement of its $11 billion award against Nigeria.

In a unanimous decision, Lord Justice Snowden, the lead judge, permitted P&ID to appeal the judgment but dismissed the appeal.

The two other judges are Lord Justice Fraser and Julian Flaux.

P&ID had entered into a deal in 2010 to build a gas processing plant in Calabar, Cross River State but the company said the agreement collapsed because the Nigerian government did not fulfil its end of the bargain.

The Nigerian government alleged that the gas deal was a scam conceived to defraud the country.

But P&ID denied the allegation and accused the Nigerian government of “false allegations and wild conspiracy theories”.

Consequently, P&ID took 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-judgment interest at seven per cent, which later amounted to $11 billion.

In October 2023, Robin Knowles, justice of the commercial courts of England and Wales, halted the enforcement of the award by upholding Nigeria’s prayer that it was obtained by fraud and in violation of section 68 of the English Arbitration Act 1996.

The judge found that P&ID paid bribes to Nigerian officials involved in the drafting of the gas supply and processing agreement, GSPA, in 2010.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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BPP Mandates Digital Submission for MDAs From March 1

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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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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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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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