Shoodboi:


This post is not about politics or whatever. It is not about Buhari and Jonathan or whatever.

It's just to allow people (Nigerians) understand what really happened. You can add more information that you know.

We'll be screwed if P&ID gets that money. All of us. From the pro-Buhari supporters to the pro-Jonathan supporters.

I liked the post and read every word of it. I was only disappointed when it dived into politics which i never expected to read.

From the diving, it concludes that Buhari is responsible and Yaradua/Jonathan had no fault or responsibility.

I asked myself this question, if Buhari is responsible for the predicament due to his inactions, when did P&ID sue Nigeria in the first place, was it 2015-2019? Why didn't the president at the time send lawyers to represent it but you expect Buhari to have done same.

You said Nigerian lawyers argued in court, who sent them?

My final thoughts is that a beautiful and educative post was a little bit spoilt by a little biasness.

God bless the OP

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.

Addax petroleum,P&ID,Mirror Lake Oil and Gas Company Limited,Sinopec International Petroleum Exploration & Development Corporation (SIPC),China Petroleum & Chemical Corporation (aka Sinopec Group),Exxon Mobil

shey una see now how names keep poppin up that una never heared of before...??

the ol europe is into this scam....!!

the way they sat toghether back then in brussels or berlin or wharever and deceided to colonize you....!!

dont you gerrit yet....!!??

something about lucifer is,he is very patient....

he will set it and wait for you to fall into the trap....!!

he doesnt care to wait for centuries to get what he wants....!!

chai....

wake up already....!!

Walahi you sabi write. You breakdown this thing. This is the first time i will actually read about this issue since i heard abiut this bogous fine. Nice one brother. Nice one.

kiiiikkkkiki....lucifer....

the morning star....

chai....leader of hosts....

chai....una will loose against lucifer without help....

that guy is brilliant....he was leader of angels...

were do you people think the word anglo saxon originate from....??

Shoodboi:
That's all.

Man I Gat a question.
What if Nigeria quits the international treaty that will waive state immunity?
Also concerning smaller nations, what if they do so too. Will they still be endangered?
Thanks

The cabals that signed the deal should be dealt with. Also, Jonathan and buhari should be flog for their stupidity

EasternActivist:


Man I Gat a question.
What if Nigeria quits the international treaty that will waive state immunity?
Also concerning smaller nations, what if they do so too. Will they still be endangered?
Thanks

look....build your army,the way china is doing....

hope is for the hopeless....

Good and well researched write up. Kudos to the journalist that penned this, but I disagree with some of his conclusions;

1.

Why didn’t Buhari just pay?

Buhari is infamous for four terrible things:

1. Running a country into a recession within a short period.
2. Leaving the country for long periods of time.
3. Flouting agreements and court orders.
4. Delaying in appointing ministers.
All four got him into the current mess with P&ID.

Buhari not paying and those four things you listed do not relate. Buhari did not pay basically because of two reasons;
1. Nigeria did not have the money as there was a crash in the oil market (remember Jonathan was also borrowing anyhow to pay salaries and buy equipments to fight Boko Haram in his last few months).
2. Buhari did not believe in paying anything in the first place.

Of your four points, the one I disagree with was Buhari running this country into recession both times. In 1983, the economy was already in shambles, as the Shagari government had looted the country dry. We had no foreign currency to import basic commodities, that was why Buhari adopted rightly or wrongly the essential commodity policy.

Ditto for 2015, within less than a year, crude went from $100 to $30. What did you expect Buhari to do? Many other countries that depends on crude for foreign earnings also went into recession at that time.

2.
I also disagree with this verdict;

Verdict: The fact remains that the deal was probably signed.

Whoever signed for Nigeria is not P&ID’s business. That’s Nigeria’s headache.

However, it might help if Nigeria can prove that someone forged a signature or something. Bonus points if P&ID was involved in the sham.

Winner: P&ID if it was signed. Nigeria if it was not.

Whoever signed the contract should be P&ID's headache. A person that signs a contract must have authority to sign the contract, or the contract is invalid. In any organization, there are those with the authority of signing a contract or signing a check. If a person not authorised to sign a check signs it and you present it in a bank, the bank will not pay you, even it is an authentic check from the organisation. Are you insinuating that a cleaner or gateman of NNPC can sign the contract and it is valid? It is the responsibility of P&ID to confirm that those signing the contract has the authority to sign such.
If the signature of the authorising officials is forged, that is another issue altogether.

3.
Even this does not make sense;

Buhari’s government: The 2010 contract with P&ID was void because the Federal Ministry of Petroleum Resources does not manufacture gas or possess oil or gas reserves.

P&ID: The gas was to be procured from Exxon Mobil and Addax petroleum’s OML 67 and 123, and not from the ministry.

The Truth: The Federal Ministry of Petroleum Resources was sourcing the gas from Exxon Mobil and Addax petroleum.

Verdict: This is a no-case argument. The Nigerian government should have never brought it up.

Winner: P&ID.

It true the that Federal Ministry of Petroleum Resources does not manufacture gas or possess oil or gas reserves, so they have to procure gas from exxon mobil and Addax. Now, was the Federal Ministry of Petroleum Resources expected to pay for the gas? Who was to build the pipelines, OML 123 is located offshore approximately 60 km south Calabar in the Gulf of Guinea. Who would bear the enormous cost of the pipelines. What of the pipelines to the power stations to be scattered all over the region? Did P&ID expect all these to be built instantly or within a couple of years. Will there not be budgetary provision for the pipelines if it was to be built by the FG?


Buhari is jittery now because the company and a US court is threatening to seize our US assets and reserves, which to me is bullying. I think developing nations should stop buying assets in western nations and holding our reserves in their banks. This episode has shown just how vulnerable we are.

Fidelismaria:
Beautiful

Beautiful write up

Now I understand fully

Nigerians are cursed with I don't care attitude

You were sued to court yet didn't provide a legal team to represent you

Isn't that stupidity ?

Besides

Can a court of law pass judgement when the defendant is not been represented?

Please quit this self hate, Nigerians are not cursed. What law do you want the legal team to argue? Nigerian law, UK law, US law or British Virgin Island law? Remember, in the US, you need a licence from each each state to practice law in that state.

The case is a travesty of the sovereignty of Nigeria.

A very nice write up. It's worth reading
Though I beg to disagree with some points

Thanks for this beautiful explanation,I pray Nigeria go back to the negotiating table

wirinet:
Good and well researched write up. Kudos to the journalist that penned this, but I disagree with some of his conclusions;

1.


Buhari not paying and those four things you listed do not relate. Buhari did not pay basically because of two reasons;
1. Nigeria did not have the money as there was a crash in the oil market (remember Jonathan was also borrowing anyhow to pay salaries and buy equipments to fight Boko Haram in his last few months).
2. Buhari did not believe in paying anything thing in the first place.

Of your four points, the one I disagree with was Buhari running this country into recession both times. In 1983, the economy was already in shambles, as the Shagari government had looted the country dry. We had no foreign currency to import basic commodities, that was why Buhari adopted rightly or wrongly the essential commodity policy.

Ditto for 2015, within less than a year, crude went from $100 to $30. What did you expect Buhari to do? Many other countries that depends on crude for foreign earnings also went into recession at that time.

2.
I also disagree with this verdict;


Whoever signed the contract should be P&ID's headache. A person that signs a contract must have authority to sign the contract, or the contract is invalid. In any organization, there are those with the authority of signing a contract or signing a check. If a person not authorised to sign a check signs it and you present it in a bank, the bank will not pay you, even it it an authentic check from the organisation. A you insinuating that a cleaner or gateman of NNPC can sign the contract and it is valid? It is the responsibility of P&ID to confirm that those signing the contract has the authority to sign such.
If the signature of the authorising officials is forged, that is another issue altogether.

3.
Even this does not make sense;

It true the that Federal Ministry of Petroleum Resources does not manufacture gas or possess oil or gas reserves, so they have to procure gas from exxon mobil and Addax. Now, was the Federal Ministry of Petroleum Resources expected to pay for the gas? Who was to build the pipelines, OML 123 is located offshore approximately 60 km south Calabar in the Gulf of Guinea. Who would bear the enormous cost of the pipelines. What of the pipelines to the power stations to be scattered all over the region? Did P&ID expect all these to be built instantly or within a couple of years. Will there not be budgetary provision for the pipelines if it was to be built by the FG?


Buhari is jittery now because the company and a US court is threatening to seize our US assets and reserves, which to me is bullying. I think developing nations should stop buying assets in western nations and holding our reserves in their banks. This episode has shown just how vulnerable we are.

You actually took most of this from my mouth
Kudos to you both!

P and ID. This is what we should be fighting against instead of shouting IFOBs and Aponja here and there.

[quote author=Jobabori post=81890180][/quote]
Foolish advice you say?
What's better? $850 m or about $9.5 b?
Mr wise man, can you tell me why Buhari didn't at least set up a panel to investigate the deal all this while?

Jaqenhghar:

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

are u referring to the writer? Is he part of the cabal?

PlayerMeji:
How much can I pay you for simplifying this P&ID case for me.

Sincerely, I don't think I can undo what you just did. I will always be looking for someone to help me break issues down like you just did.

You are funny,research help break things.
let me summarized it for you.


Some cabal because they need license money from the PID engineering company entered a contract on behalf of Nigeria,a contact they know it can't work till the end, that is a contract that they know is destiny to fail from the beginning.

After collecting million of dollars licencing money from the PID company they abandoned the deal,the firm may have gain in one way or the other but the firm seeing that the deal can still make money for them if they push it a little higher by claiming Nigeria breach contract. which they are currently doing very well

The firm may have gotten some oil or gas deals in one form or the other from the organiser but they are not content since they saw a loop hoe.


However Once the real people who signed the deal during yardua sick days is ascertain the PID company will settle for less or cool down.


Good or bad the company must get something and the dubious Nigeria cabal who did this will be punished if @mbuhari got the balls.


This is high class contract yahoo happening in govt till tommorro, just that this one cast.

There is a fake monorail in rivers state by rotimi ameachi,dredging of ikpoba river by Lucky igbenedion and many other fake project that gulp Millions of dollars without end results.

Money is made in the beginning and then set aside

Chi59:

Foolish advice you say?
What's better? $850 m or about $9.5 b?
Mr wise man, can you tell me why Buhari didn't at least set up a panel to investigate the deal all this while?

Non. Nigeria did or does not have $850million to dash anybody. Till date we are still borrowing to finance our budget.
Are you suggesting Buhari borrows $850million to pay P&ID, and then pay $85 million every year as interest?

lapazi:
I was here!

This is the best Article i have ever read on NL.

Bloggers should take a queue from this

u mean the lazy bloggers?

wirinet:

Non. Nigeria did or does not have $850million to dash anybody. Till date we are still borrowing to finance our budget.
Are you suggesting Buhari borrows $850million to pay P&ID, and then pay $85 million every year as interest?

They didn't pay settlement, they didn't go to court. Till it got out of hand. Do not make excuses for an inept and incompetent government.

Chi59:


They didn't pay settlement, they didn't go to court. Till it got out of hand. Do not make excuses for an inept and incompetent government.

The buhari govt strongly believe it is a scam,that is why they didn't approach it decisive. Yaradua,Gej and Buhari are not directly involved, some Big men in govt did all these. Gej may have know those who did it,yardua wife and co but was too careful not to persecute them but wanted to solve it,if he had won he would have bring the cabal to book but since he failed in election he refuse to settle and bring buhari to the know.

Comprehensive write up.

baby124:
US banks will not want to lose billions of dollars in deposits should a judgement not be in Nigeria’s favor. In fact US banks will prevail on the US government to intervene in this issue if need be. US banks are very powerful. Nigeria only needs to threaten to withdraw all deposits if this scam judgement scales through.

U r mistaken, wat will $45b do to a $20trillion economy.
Op u r aware that ordinary Facebook(just one American company) is richer than Nigeria many times over.

emmykk:


The buhari govt strongly believe it is a scam,that is why they didn't approach it decisive. Yaradua,Gej and Buhari are not directly involved, some Big men in govt did all these. Gej may have know those who did it,yardua wife and co but was too careful not to persecute them but wanted to solve it,if he had won he would have bring the cabal to book but since he failed in election he refuse to settle and bring buhari to the know.

"Bring Buhari to the know"
Guy, you're not being honest. You really want to tell me that Buhari didn't know about all these? Let's assume he didn't what of the court judgement in 2017, this is 2019.
Come on!

emmykk:


You are funny,research help break things.
let me summarized it for you.


Some cabal because they need license money from the PID engineering company entered a contract on behalf of Nigeria,a contact they know it can't work till the end, that is a contract that they know is destiny to fail from the beginning.

After collecting million of dollars licencing money from the PID company they abandoned the deal,the firm may have gain in one way or the other but the firm seeing that the deal can still make money for them if they push it a little higher by claiming Nigeria breach contract. which they are currently doing very well

The firm may have gotten some oil or gas deals in one form or the other from the organiser but they are not content since they saw a loop hoe.


However Once the real people who signed the deal during yardua sick days is ascertain the PID company will settle for less or cool down.


Good or bad the company must get something and the dubious Nigeria cabal who did this will be punished if @mbuhari got the balls.


This is high class contract yahoo happening in govt till tommorro, just that this one cast.

There is a fake monorail in rivers state by rotimi ameachi[b],dredging of ikpoba river by Lucky igbened[/b]ion and many other fake project that gulp Millions of dollars without end results.

Money is made in the beginning and then set aside

@bolded. I still remember how lucky gave his brother Bright the contract for 2billion and all the guy did was to dredge one spot and allow the sand to flow back to the river.

Lucky finish Edo state sha!

Tozinetita:


U r mistaken, wat will $45b do to a $20trillion economy.
Op u r aware that ordinary Facebook(just one American company) is richer than Nigeria many times over.

That’s correct. They are rich in value in the trillions. The cash in the bank nko You think $40bn deposit money is a small thing for a bank correct?

Chi59:


"Bring Buhari to the know"
Guy, you're not being honest. You really want to tell me that Buhari didn't know about all these? Let's assume he didn't what of the court judgement in 2017, this is 2019.
Come on!

What I mean by that is ,instead of paying the $850m,he let president buhari to do that which Buhari find difficult to do...how do you expect @mbuhari to pay money he didn't benefit from.That deal is fraudulent no president will sign the money to be paid.

Born2Breed:



@bolded. I still remember how lucky gave his brother Bright the contract for 2billion and all the guy did was to dredge one spot and allow the sand to flow back to the river.

Lucky finish Edo state sha!

If lucky finish Edo go and see monorail in PH,1 pillar is done with N100m by skyebank

Shoodboi:
The deal

www.nairaland.com/attachments/10154627_deal_jpeg15b79b958224b6929945196f527ec6dd

l us what they know.

Ur writeup was brilliant but didn't explain why a company that invested $40m on paper will be awarded $9b for doing nothing.
The judgement is evil and satanic, it would have suffice if the court had ruled that their invested $40m be refunded.
The ruling bears the hallmark of racism and white supremacy.
I don't blame them though, because from inception we've always had dumb and stupid leaders in Nigeria.

emmykk:


What I mean by that is ,instead of paying the $850m,he let president buhari to do that which Buhari find difficult to do...how do you expect @mbuhari to pay money he didn't benefit from.That deal is fraudulent no president will sign the money to be paid.

Then why didn't the president get the ministry of justice or whatever to appoint lawyers to handle the case?
Why didn't they appeal to a higher court? They did nothing now these guys plan to cash in big time.

emmykk:


If lucky finish Edo go and see monorail in PH,1 pillar is done with N100m by skyebank

Amaechi.still try for Rivers despite the monorail scam. But Lucky.... Kai,very bad thief! Lucky chop and did nothing.