This is a compelling piece

While we marvel at the perfection of this write up, let us also hope against all odds that P & ID does not succeed in getting that money or assets thereof

bobowaja:

Mario.... Sup

Big Man

Wow

With this debt, have we not sold all gas and even crude oil in the Niger delta to Western countries? Let's ask Mr President the Petroleum Minister, PMB..

Let me then see what shall continue to attract the 12 Sharia states of northern Nigeria to one Nigeria;
after the Sharia states urinated on Nigeria's constitution and unilaterally adopted unconstitutional Sharia criminal justice system from 1999.

Sharia criminal justice system includes stoning women to death for adultery, cutting off hands of thieves, death for apostasy, etc.

No southern Nigeria state can tolerate to share one country with any group practising Sharia criminal justice system.

One Nigeria was not decreed by God.

At most 100 million should be able to compensate these guys.
They've not incurred any expenses apart from the 40million dollars na
Oyinbo bastards.

2 things.

1). Who belled the cat? Who signed the deal for Nigeria.

2). Does U.K and U.S.A have jurisdiction over the case?

P&ID should produce the people that handover sign document to them.

That should be part of negotiation

Oh

Those passing this judgement also created Nigeria for their own exploration.

Nigeria can never render good living for people in it till the end of time.

Fela Anikulakpo Kuti Jnr. just said that Nigeria is a concentration camp for foreigners' exploitation.

That Nigeria robs him his Youruba identity, but imposes Nigeria identity upon him.
Only a few rich and oil money thieves in Nigeria who collude with foreigners to steal Nigeria dry enjoy the Nigeria identity

What a well detailed write up!
Have been looking for articles on the deals.
Learnt other terms in it.

I will suggest NL Handlers (mods) pin this post to front page for a while!

Op thanks for simplifying everything

Someone was busy telling me the initial judgement about the 6bn was delivered in 2016 yesterday

Nigeria should also hire America lobyist and sponsor Propaganda against the P&iD in International media like the New York times and Aljasera

Nigeria government needs to be pro active.

"What are the consequences for Nigeria?

This P&ID court case has legal consequences not just for Nigeria but for almost every other poor and middle income country out there.

Other multinationals will start suing other countries including Nigeria over the most frivolous reasons if P&ID is ever able to seize Nigeria’s assets.

This will further impoverish poorer countries and put them under the armpits of these richer nations.

It is unfortunate but that’s how the international politics work."

I see nothing wrong with this, to me let it be like that, so corrupt countries can get serious with there deals, not where a full blown country will be scamming a private business.

This will make African countries use money for what its meant for, you cant request for a loan from a foreign bank or company for a project then emvezzle the money for your private use and expect the company to fold its arms

Okay

to me i dont know the reason why since Yaradua died EFCC has not picked up Turai Yaradua, but they are busy embarrassing Patience Jonathan up and down

A very brilliant piece. I look forward to imbibe this in any of my articles.
To me I believe P&ID came to play a calculated smartness on Nigerian government counting on our individual greediness.

Shoodboi:
Lies & Deceit: Everything You Need To Know About Nigeria's $9 Billion Debt To P&ID

This post contains everything you will ever need to know about the Nigeria-P&ID gas deal.

It's a pretty long read but is well-formatted for easy reading.


The prelude

www.nairaland.com/attachments/10154535_image1_jpegec44744ab36e8094482d9fd6d0f703b8

Sometime in 2006, two Irish businessmen, Michael Quinn and Brendan Cahill, founded Process and Industrial Developments Limited (P&ID).

The company is a sole purpose company set up to utilize Nigeria’s huge natural gas reserves.

On January 11, 2010, P&ID signed a Gas Supply and Processing Agreement (GSPA) with the Nigerian Ministry of Petroleum Resources.

The Ministry of Petroleum Resources was acting on behalf of the Umaru Musa Yar’Adua-led Nigerian Federal Government.

As per the agreement, P&ID will process natural gas from oil mining leases (OML) 67 and 123 to generate electricity for Nigeria while making some considerable profits for itself.

The license for OML 123 is held by Addax petroleum.

Addax petroleum is a subsidiary of Mirror Lake Oil and Gas Company Limited, which itself is a subsidiary of the Sinopec International Petroleum Exploration & Development Corporation (SIPC).

SIPC is a subsidiary of China Petroleum & Chemical Corporation (aka Sinopec Group).

Exxon Mobil holds the license for OML 67.



What exactly is P&ID?

www.nairaland.com/attachments/10154536_image2_png1a8f685c15feef92820538fea13ff231

We already mentioned that P&ID was founded by Brendan Cahill and Michael Quinn in 2006.

(Cahill is alive but Quinn is late. It seems he passed away on January 25, 2018.)

P&ID claims it is a United Kingdom company even though it is registered in The British Virgin Islands (BVI).

The British Virgin Islands is a British Overseas Territory (BOT).

BOTs are not part of the UK. They have their own independent governments but depend on the UK for defense and foreign affairs.



Why the British Virgin Islands?

www.nairaland.com/attachments/10154546_image3_png5fb6b9fb09f1795dc718ea6dcb234c98

The British Virgin Islands is an infamous tax haven.

Tax havens are countries or territories where multinationals register their businesses or subsidiaries to avoid paying taxes in their home countries.

Most businesses registered in tax havens only exist on paper.

These businesses — called shell companies — often have billions of dollars in the bank accounts registered in the name of the company even though they do not have physical offices or employees.

The British Virgin Islands does not slam these companies with any taxes and only requires them to pay an annual license fee.



Who sets up a shell company?

Practically anyone; from the clean to the dirty.

Corrupt politicians set up shell companies to hide stolen wealth.

Criminal organizations set up shell companies to launder and hide their proceeds from crime.

Rich people set up shell companies to hide their money from their significant other in case of a bitter divorce.

Rich people and multinationals companies set up shell companies to:

• Avoid paying taxes in their home country.

• Hide patents.

• Mask their country of origin.

• Allow them operate in countries where they might not be allowed to.

• Protect them from lawsuits in their country or the country where they operate.

There are several other reasons but these are the most common.



Is P&ID a shell company?

Yes, P&ID is a shell company.

This is evidently clear because P&ID is registered in British Virgin Islands and does have a physical headquarters or even a website.

Its only website is pandidfacts.com, which is more of a blog than a website.

Everything on the website is all about the failed Nigerian natural gas project.

www.nairaland.com/attachments/10154522_aaa_jpeg9483a0c356f014cf20d8a4575dfae2d7

And what sort of multinational adds “facts” at the end of their top level domain?

P&ID has no social media presence either.

It is not on Facebook and only joined Twitter in April 2019. So far, it has 83 tweets and 17 followers.

The tweets are all about the failed Nigerian gas deal while the followers are Nigerian and Irish journalists and newspapers.

We think P&ID set up office in the British Virgin Islands to hide its taxes from the British government.

Blah blah blah. No one wants to know shít. Now they are shell company or whatever the fúck becauee they didnt roll over and let the nigger country have its way with them. Abeg pay up what you owe that MFkar. Tomorrow una go read beforw sigbing agreement with any idiet

I was rooting for Nigeria until I saw the mention of a hedge fund manager and US lobbyists.

And there are people that don’t like losing when it comes to business and that’s why I’m scared of the hedge fund managers that were mentioned. Only God knows who is serving on their board.

Regardless, Turai Yar’adua should be picked up immediately. She has some explaining to do.

But with the kind of person we have as president, I’m afraid these foreigners are going to succeed in pillaging our foreign reserves.

Damn northerners !

This is a good read. Thank you so much.

My notes on this development:

1. The Britons and Americans are also fraudsters. Their fraudulent approach is simply more sophisticated and legally insured compared to yahooyahoo. They allowed their courts to be used to undermine and attack another sovereign nation.

2. Buhari is still inept, incompetent and uninfluential among the committee of nations. It was also noticed at a number of his foreign trips.

3. Whether Nigeria is sued inappropriately, robbed of funds or exploited as a nation, I don't care especially because the government doesn't cater for me or my immediate family.

4. The government has been fu..cking the nation; left, right and centre, now you expect me to give a fu..ck.

Bheewhy:
A very brilliant piece. I look forward to imbibe this in any of my articles.
To me I believe P&ID came to play a calculated smartness on Nigerian government counting on our individual greediness.

Greedy lazy mofos will always fall to these things. As long as you have a society that exalts laziness and greed calling it sharpness , you will see tjese things. Una never see anything.

Nigeria should ask P&ID to produce who signed the documents and handed them over to them.

From there, we will know if the person can act on behalf of Nigeria or have the power to sign deals since both Yaradua and Jonathan didn't sign it nor the petroleum minister as at then.

Iamgrey5:
Op thanks for simplifying everything

Someone was busy telling me the initial judgement about the 6bn was delivered in 2016 yesterday

Nigeria should also hire America lobyist and sponsor Propaganda against the P&iD in International media like the New York times and Aljasera

Nigeria government needs to be pro active.

Lobby a white man to favor a negro over a white man?

L O L

When will they arrest the cabal
Damn! Goodluck is good man that had the best for this country at heart.

ChiefkeefGB4:

Best write up I have read that breaks it down to a level even an illiterate can understand.

It funny they are trying to break it down to every one now. When they were doing backdoor deals they didnt think to let the public know. Unfortunately they will use this as an excuse to increase taxes and see that the common man suffers for their foolishness

Very concise write up.

It would be good if we can be getting regular updates on this issue before it becomes forgotten in the public domain. Then next you'll hear that the government has paid up the money hush hush.

We don't want to hear stories that touches o.

Jeopardized future... I pity the lives of the poor masses

Shoodboi:
That's all.

Nice write up. Cool one.

If only the Buhari led government had paid the settlement in time.

Lord, why do we have such foolish leaders??

The chicken has finally come home to roost. The Abo-ki beggar mentality coupled with their unbridled greed and lack of intelligence is going to kill this country eventually.

A contract is only valid if authorized persons enters into them. PMB was right to reject such corrupt idiocy.