A former Attorney General of the Federation and Minister of Justice, Michael Aondoakaa (SAN), has revealed how the immediate-past governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, saved billions of dollars for the country.
Aondoakaa noted that the billions saved would have been paid as arbitral awards to a foreign company, Process and Industrial Developments (P&ID).
Recall that P&ID had said the contract to build a gas processing plant in Calabar, Cross River, failed because the Nigerian government breached the terms of the contract. It secured an arbitral award of $6.6 billion against Nigeria, as well as pre-and post-judgment interest at seven percent, which accumulated to $11 billion.
But the United Kingdom Royal Courts of Justice had last week Monday held that the earlier judgment awarded against Nigeria in favour of P&ID was fraudulent.
Delivering judgment in Nigeria’s appeal against the seizure of its assets anywhere in the world in payment of the said debt,…