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$9.6bn Judgment: FG Agreed To Pay $200m Deposit, Says P&ID

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The Federal Government of Nigeria has finally agreed to pay the $200m security deposit ordered by Justice Christopher Butcher of the Commercial Court in London in September in the ongoing gas dispute case between Nigeria and Process and Industry Development Limited, it has been learnt.

The British court had asked Nigeria to pay $200m security payment in the court’s account while granting request to stay execution in the award of $9.6bn award in favour of Process and Industry Development Limited.

In a statement exclusively obtained from P&ID by Sunday PUNCH on Saturday, the Federal Government’s legal team said during a hearing at the London court on Friday that Nigeria would pay the $200m security deposit.

The statement was made available by the Associate Director, In-House, London, the media firm that represents P&ID, Chris Rogers, following a media enquiry by Sunday PUNCH.

The statement read in part, “Before Justice Butcher today (Friday) in London, the Nigerian legal team acknowledged that President Buhari has authorised the steps to provide a bank guarantee for the $200m in security that was ordered by the English Court in September.

“Moreover, the following steps have already been taken by the Nigerian Government: Ministry of Finance has received approval to proceed with obtaining the bank guarantee; Minister of Finance has submitted a request to the Central Bank of Nigeria to proceed with procuring the bank guarantee; the Central Bank of Nigeria has submitted a request to an unnamed foreign correspondent bank to issue the bank guarantee from London and provide the relevant information to the court.”

The Federal Government through the Office of the Attorney General of the Federation had filed an appeal before the London court to stop the order of September 2019 to pay the $200m security deposit and the $9.6bn Tribunal Award in favour of P&ID.

The Minister of Information and Culture, Lai Mohammed, who was part of the Federal Government’s delegation to London late September, disclosed to reporters in Abuja on October 2 that the government had begun the process of filing an appeal against the $200m security deposit.

READ ALSO: Adoke writes Malami, Interpol, demands release from detention

He said the government retained international legal firm of Curtis, Mallet-Prevost, Colt & Mosle LLP, for the case.

Apart from the $200m, Mohammed said the government would be able to seek a refund of the $250,000 it was asked to pay to P&ID if the appeal succeeded.

Last week, the Attorney General of the Federation and Minister of Justice, Abubakar Malami, confirmed that the Federal Government had filed the appeal.

However, P&ID’s statement on Saturday, following a hearing at the London court indicated that the appeal had failed. Sunday PUNCH could not independently verify P&ID’s claim.

However, efforts made on Saturday to get the AGF Office to state its own side of the case failed.

The spokesperson for the AGF, Dr Umar Gwandu, who was confronted with the claims by P&ID as to the alleged developments at the London court on Friday, promised to get back to one of our correspondents.

As of the time of filing this report around 11.30 pm, about eight hours after he was contacted, he had yet to get back.

Several calls made to his telephone lines thereafter were not responded to.

Also, the Minister of Information, Mohammed, did not respond to several calls and a text message sent to his line.

However, responding to the development in the statement, P&ID said court hearing was a welcome development.

“The eleventh-hour gambit by Nigeria’s Attorney General Abubakar Malami to avoid paying the $200m in security to the English Court on November 25 has failed,” the company said.

It further said, “This is a major milestone and P&ID welcomes the outcome of today’s hearing in London. P&ID expresses hope that the Buhari administration will now accept the reality of the Arbitration Tribunal Award and the decision of the English Court – and end the ridiculous sham investigation and show trials conducted by the EFCC (Economic Financial Crimes Commission) in recent months.

“AGF Malami presented a witness statement that is neither credible nor believable and it impugns both the English court and the Arbitration proceedings chaired by Lord Leonard Hoffman. The ‘evidence’ cited by Malami and others is based purely and exclusively on a government-sanctioned campaign of harassment, intimidation and illegal detention of a number of individuals associated with P&ID or the GSPA contract. AG Malami’s campaign has been nothing more than a blatant perversion of justice and the rule of law.”

The Federal High Court in Abuja had on September 19 convicted and subsequently ordered the winding up of P&ID and its Nigerian affiliate, P&ID Nigeria Limited.

Justice Inyang Ekwo made the orders after the two firms, through their representatives, pleaded guilty to the 11 counts of fraud, money laundering, tax evasion and other sundry charges in connection with a year 2010 contract leading to the recent controversial judgment of a British court recognising the award of $9.6bn in favour of P&ID by an arbitration panel.

In his judgment, which he delivered shortly after the representatives of the companies pleaded guilty to the charges, Justice Ekwo also ordered the forfeiture of “the assets and properties” of the two firms to the Nigerian government.

While P&ID Limited incorporated in British Virgin Island was represented in the dock by its Commercial Director, Mohammad Kuchazi, (P&ID Nigeria Limited) was represented by Adamu Usman, who is also a lawyer and a director of the firm.

Both men pleaded guilty to all the 11 counts on behalf of the companies.

Kuchazi was represented by his lawyer, Dandison Akurunwua, while Usman represented himself.

The EFCC had on September 17, 2019, filed 11 counts against the two companies, accusing them of defrauding the Federal Government through the controversial Gas Supply Project Agreement signed between P&ID and the Nigerian government through the Ministry of Petroleum Resources on January 11, 2010.

The then Minister of Petroleum Resources, the late Rilwan Lukman, was said to have signed the contract for Nigeria with the then Director of Legal Services of the ministry, Mrs Grace Taiga, signed as the government’s witness.

The prosecution alleged that the late Michael Quinn, the promoter of P&ID, signed for the company while Mohammad Kuchazi (P&ID Limited’s representative in the dock) signed as the witness for the company.

The commission alleged in the charges that P&ID, through its promoter, the late Michael Quinn and others, with the intent to defraud and obtain benefit from the Federal Government’s petroleum products, falsely claimed in respect of the GSPA that it was allocated land by the Cross Rivers State Government for the construction of gas supply infrastructure.

The anti-graft agency is also prosecuting Mrs Taiga on charges connected with the controversial P&ID $9.6bn judgment.

The prosecution accused her of among other charges, receiving bribe through her offshore bank account in signing, alongside the then Minister of Petroleum Resources, the late Rilwan Lukman, the Gas Supply Processing Agreement between the Process and Industrial Developments Limited and the Federal Government of Nigeria, through the Ministry on January 11, 2019.

She was also accused of violating various laws by entering into the GSPA without prior approval by the Federal Executive Council and a certificate of no objection to the contract from the Bureau of Public Enterprise.

The charges are in connection with the controversial Gas Supply Processing Agreement which led to the recent $9.6bn judgment given against Nigeria and in favour of Process and Industrial Developments by a British court.

Taiga was said to have signed as Nigeria’s witness to the GSPA while the then minister presiding over the ministry, the late Dr. Rilwan Lukman, signed as Nigeria’s representative

The EFCC is also prosecuting before Justice Okon Abang of the Federal High Court in Abuja, a British national, James Nolan, who was charged with offences bordering on the activities of a foreign firm, P&ID.

Punch

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Ikeja, Lagos Island, Lekki Top Crime Hotspots In Lagos – Attorney-General

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Ikeja, Lagos Island, and Lekki have emerged as the top three crime hotspots in Lagos State, according to data from the Lagos State Criminal Information System (LCIS).

This was disclosed by the Lagos State Attorney General and Commissioner for Justice, Lawal Pedro (SAN), during a ministerial press briefing held in Alausa, Ikeja, to mark the second anniversary of Governor Babajide Sanwo-Olu’s second term in office.

“Between January 2024 and May 2025, the top three crime locations in Lagos State were Ikeja, Lagos Island, and Lekki,” Pedro stated, citing recent LCIS statistics.

He noted that the data underscored growing concerns about public safety and the concentration of criminal activity in key urban centres of the state.

The Attorney-General revealed that from 2018 to May 2025, the LCIS recorded a total of 74,962 cases and inmates across Lagos.

He lamented the burden placed on the state’s correctional facilities, disclosing that they are currently operating at 106 per cent above their intended capacity.

“As of May 2025, the combined inmate population stood at 9,096,” he said, adding that this figure “far exceeds the infrastructure’s built capacity.”

Describing the LCIS as a transformative initiative, Pedro explained that the system was designed to streamline justice delivery and enhance transparency within the criminal justice process.

“It serves as a digital repository of all criminal cases pending in Magistrate and High Courts where defendants are in custody or on bail. It also includes biometric data, personal information, and offence records,” he explained.

The data showed that between January 2024 and May 2025 alone, over 10,000 suspects and cases were processed through the system, with 64 per cent of convictions secured via plea bargains.

The data further showed that a significant proportion of suspects originated from Ogun and Oyo States, outnumbering those from other parts of Nigeria.

On social disorder-related issues, the Directorate of Citizen Rights received 6,601 petitions during the review period.

Out of these, 4,443 cases were successfully resolved, 1,882 remain unresolved, while 285 were referred to other relevant government agencies.

Pedro also highlighted the Ministry’s interventions in supporting victims financially.

“A total of ₦7.3 million was recovered on behalf of petitioners, with ₦3 million awarded through court rulings,” he said.



Domestic, Sexual Violence

Turning to domestic and sexual violence cases, the Attorney-General disclosed that 213 cases of child neglect were handled, alongside 272 cases of child physical abuse and 147 cases of child sexual abuse.

Additionally, 57 children were rescued from abusive environments and placed in private and government shelters through the collaboration of the Ministry of Youth and Social Development.

As part of ongoing justice sector reforms, the Ministry has launched a Public Advisory Centre to provide free legal guidance and information to Lagos residents seeking redress or navigating government services.

Pedro reaffirmed the Ministry’s commitment to leveraging technology and legal innovation to strengthen the state’s justice system and build public trust.

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Nigeria’s Growing Population Needs Industrial Solution — Tinubu

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President Bola Tinubu has said that Nigeria’s increasing population needs industrial solutions that will transform it into “demographic dividends”.

Tinubu, who stated this on Wednesday at the Taraba International Investment Summit, tagged ‘Taravest,‘ in Jalingo, the state capital.

The President, who was represented by Vice President Kashim Shettima, said the country cannot live on raw produce and unprocessed minerals, but needs factories to add value, clusters to drive innovation, and industrial parks to turn ideas into impact.

“We know that our growing population is a cry for an industrial solution. But above all, we need visionaries. We need those who see beyond the narrow confines of trade and into the transformative possibilities of industry.

“We need people like Aliko Dangote. We need people like Tony Elumelu. The trajectory of global growth is facing Africa, and Nigeria will make or mar that transition,” he added.

Tinubu said that with the projection that Nigeria will be the third most populous nation on earth by 2050, the increase would become a demographic disaster if not well-harnessed.

“Our population will hit 440 million people. And what are you going to do with the anticipated population bulge? We can turn the anticipated bulge into demographic dividends, or it will be the demographic disaster that will consume all of us.

“I believe we have the men, the resources, and the capabilities to transform our young population into engines of growth. The whole of Europe is aging. Even the Asian tigers are aging; China is aging,” he said.

He said that Nigeria’s could harness its young and virile population amid the global talent deficit.

The President said, “The highest we have ever earned from the process of oil was $35 billion in 2011 under former President Goodluck Ebele Jonathan. From outsourcing alone, India generated $120 billion last year. So the opportunities abound.

“There are more English speakers in Nigeria than in India, and with all due respect, the intonation, I believe, most of the Western audiences here could get what I was talking about.

“The intonation of the Nigerian English, with all due respect, is superior to the Indian variety. Am I not right? And our proximity to Europe is an added advantage.

“So I wish to call on all of us: irrespective of differences in political affiliations, religious persuasion, tribal or sectional background, let us fuse into one, because poverty knows no ethnicity, no religion, or no tribe. Let us unite as a people.”

Why Investment Summit Matters
He noted that the summit was significant because Taraba offers Nigeria a strategic contribution to the nation’s shared prosperity, more than its breathtaking mountains and other side attractions.

He said, “Each part of Nigeria is a gift to the other. Each complements the other so profoundly that the deficiency of one region is often redeemed by the sufficiency of the other.

“Our ultimate awakening as a nation begins with this realisation that no part of this country can thrive in isolation. That is why we are here; that is why this summit matters.”

Tinubu said the world was experiencing a new wave of industrial revolution, a situation he said calls for an increase in the scale of Nigeria’s productivity to reflect the magnitude of its population.

“It demands that our farmers transition from the use of horses and cutlasses to tractors and harvestors. It demands that our energy suppliers move beyond power and household to energising large-scale industries.

“Our mining sector must also evolve to meet global demands and standards. This is how we compete with the rest of the world. This is how we stay relevant,” he added.

He, however, said the reforms undertaken by the Federal Government were not arbitrary but deliberate steps to build an economy where enterprise thrives, “while the competence of investors is not a gamble but a guarantee”.

The President added, “What we seek are collaborators, partners in progress. The government is fully committed to supporting every step you take after this gathering. We are not distant observers. We are here with you, ready to provide the institutional backing to turn ideas into accomplishments.”

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Access Bank Retains Title as Nigeria’s Most Valuable Brand for Fourth Consecutive Year

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Access Bank PLC has once again emerged as Nigeria’s most valuable brand, securing the top position for the fourth consecutive year in the latest “Nigeria 25 2025” ranking by Brand Finance, the world’s leading brand valuation consultancy.

This achievement reaffirms Access Bank’s sustained brand leadership and its impact on the financial landscape through innovation, customer-centricity, and strategic growth.

The 2025 report shows that banks now account for 59per cent of the total brand value in the ranking, reflecting the strength and influence of the sector in shaping Nigeria’s economic future.

The Nigeria 25 2025 ranking also highlights considerable shifts in the country’s strongest brands, with banking brands rising through the ranks to dominate the top 10. This demonstrates a growing recognition of the sector’s resilience and adaptability, particularly as financial services play an increasingly crucial role in driving Nigeria’s economy forward.

Babatunde Odumeru, Managing Director, Brand Finance Nigeria, noted that, “Nigerian banking brands continue to grow, successfully navigating a challenging economic landscape with strategic agility while also maintaining customer loyalty.”

Commenting on the ranking, Roosevelt Ogbonna, Managing Director/CEO of Access Bank, said:

“This recognition as Nigeria’s most valuable brand for the fourth year running is a testament to the strength of our people, our customers’ trust, and the strategic clarity that drives everything we do. At Access Bank, we remain committed to delivering value through innovation, financial inclusion, and impactful partnerships across Africa and beyond.”

Also speaking on the milestone, Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings PLC, stated:

“Access Bank’s brand leadership reflects the Group’s long-term vision of becoming the world’s most respected African financial institution. As we continue to evolve and expand our footprint, we are focused on delivering sustainable growth, deepening stakeholder trust, and enhancing the customer experience across all our markets.”

Access Bank’s performance in the ranking showcases the results of sustained brand investment, operational excellence, and strategic expansion across Africa, with a growing presence in key global markets.

The dominance of banks in the “Nigeria 25 2025” list further reinforces investor and consumer confidence in the sector’s long-term stability, innovation capacity, and economic significance.

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