P&ID’s Arbitration award, not a threat to Nigeria’s national assets – F.G

The federal government says Irish firm, Process and Industrial Development Limited’s arbitration award is not a threat to Nigeria’s national assets.

Minister of information, Lai Mohammed and Attorney General of the Federation, and Minister of Justice, Abubakar Malami revealed this at a press briefing holding in Abuja.

The contract that has simply become known as the GSPA is the Gas Supply Processing Agreement, which was entered into on behalf of the Federal Government by the Ministry of Petroleum Resources.

The P&ID was to build two or more plants for the processing of the wet gas into lean gas at no cost to the government since it would be compensated from the proceeds.

The Irish firm won a world record $9.6bn arbitration fine against the Federal Government.

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