P&ID Gas Contract: EFCC opens investigation into $8.9billion UK court award against Nigeria

The Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu today, Friday, August 23, 2019, disclosed that the Commission had commenced investigation into the circumstances leading to the $8.9billion arbitral award against Nigeria by a United Kingdom Court over alleged breach of gas contract agreement between it and Process and Industrial Development Limited.

Describing the process leading to the judgment as “day light robbery”, Magu vowed that the Commission will forensically investigate the transaction and bring anyone found wanting to justice.

He spoke while playing host to a delegation from the Nigerian Diaspora Commission, led by the Chairman and Chief Executive, Hon. Abike Dabiri Erewa, who sought for collaboration with EFCC towards effective combating of cyber crimes, being committed by Nigerians in the Diaspora.

Dabiri-Erewa decried the rate at which Nigerians, particularly the youth, get involved in all manners of fraudulent activities in foreign countries, saying more efforts should be geared towards the combating of the crimes. “It is very embarrassing to know that out of 80 suspected fraudsters you find, 70 are actually Nigerians,” she said.

According to her, “when things like these happen, they damage the image of the country,” noting that the bad reputation of a few Nigerians who commit crimes are affecting the rest of the citizens.

She urged the EFCC to tackle cyber crimes as effectively as it has been fighting the war against corruption.”We hope that the EFCC will reassure the world that we are fighting cyber crime,” she said.

In his response, the Acting Chairman of EFCC, Ibrahim Magu, while expressing his disappointment at the rising rate at which Nigerians embrace cyber crimes at home and abroad assured of his resolve to tackle the scourge of cyber crimes and to totally rid the country of them.

While recalling the efforts of the EFCC in ridding Nigeria of cyber crimes, Magu revealed that the Commission partnered the FBI to fight cyber crimes in an exercise that was tagged “Operation Wire-wire”, noting that huge successes was recorded as a result.

He further disclosed that the EFCC recently commenced another operation against cyber crime, tagged “Operation Rewire” and expressed confidence on the positive outcomes.

While decrying the search Nigerians are usually subjected to in other countries, Magu attributed it to the scourge of cyber crimes and other related fraudulent activities, Nigerians are associated with in the international community.

The two agencies, agreed that the EFCC will set up special desk to deal with fraud cases peculiar to Nigerians in the Diaspora. Magu assured that the measure will help build confidence and encourage inflow of foreign direct investments into Nigeria.