This is an opportunity for Buhari to leave a lasting legacy. This scam has written all over it the dirty hands of military personnel's, civil servants/ministry personnels, politicians, business men, not excluding Central Bank...Corruption has finished Nigeria..and this is just a tip of the iceberg...

kayfra:
A dying Irishman went for one last big score in Nigeria. The project failed, but a London tribunal says his company’s owed $9 billion and counting.

By Kit Chellel, Joe Light, and Ruth Olurounbi


Gaslighting

The oilfield fires of the Niger Delta burn day and night. Metal pipes snake through the swampland, spewing flames so vast they cast the sky in apocalyptic orange. Southern Nigeria sits atop a bubbling stew of oil and gas. Companies want only the former, so they incinerate the latter. The industry calls it “flaring.”

For millions of Nigerians, flaring is a curse. It fills the air with toxic fumes that cause respiratory disease and cancer and later fall as acid rain, which damages homes and crops. It also wastes vast amounts of energy in a region where many villages lack electricity and cities suffer daily blackouts.

In 2008 the Nigerian government said it would end flaring by using oilfield gas to generate electricity. The minister of petroleum resources acknowledged that the challenge would be “enormous.” Converting gas requires it to be captured, transported, refined, and piped back to power plants and onto the grid.


Officials struggled to persuade big multinationals to invest in the required infrastructure, so concessions were granted to 13 smaller companies, some virtually unknown. One was Process and Industrial Developments Ltd., or P&ID, which was registered in the British Virgin Islands but had no website or track record. Its chairman was Michael “Mick” Quinn, a 68-year-old Irishman with a rakish mustache and decades of experience in Nigeria, mostly as a military contractor.

Quinn knew powerful people, including the petroleum minister, who guaranteed P&ID a 20-year supply of “wet,” or unrefined, gas for a plant the company would build. The raw material would be supplied for free, to be treated and returned at no cost. P&ID would instead profit from the byproducts, butane and propane. Everyone stood to benefit, not least the villagers whose homes would be lit by electricity rather than the wan glow of flaming methane.

Then the plan fell apart. The government failed to secure any waste gas from oil companies, let alone link up the necessary pipeline, and the plant was never built. In 2012, P&ID notified the oil ministry that it was suing for breach of contract in a London arbitration forum. After a set of closed legal proceedings, judges awarded P&ID $6.6 billion, one of the biggest amounts a company has won from a sovereign state. When Nigeria dragged its feet on payment, P&ID teamed up with a hedge fund and moved the case to public courts, where it could ask judges to seize state assets, including bank accounts and cargo ships.

In the summer of 2018, a man who’d worked for Quinn contacted Joseph Pizzurro, a veteran New York lawyer hired by Nigeria to lead its defense in the U.S. The caller wanted to talk about the P&ID case. “I don’t think it’s genuine,” the man said, according to an account he gave Bloomberg Businessweek on condition of anonymity because he feared for his safety. He told Pizzurro that Quinn had conspired with officials to profit from government projects that were doomed from the start and that P&ID was one of at least three such lawsuits involving Quinn. The caller couldn’t provide enough evidence to substantiate his claims, though, and he didn’t contact Pizzurro again.

This August, P&ID won a ruling from a London judge allowing the firm to start seizing Nigerian assets. Hailed as a vindication by Quinn’s company, it caused an outcry in Nigeria. The country’s finance minister said at a press conference that the size of the award, which has risen above $9 billion with interest, meant all Nigerians would pay a price. The chair of the central bank said that the case has affected monetary policy. Toward the end of the month, the justice ministry opened a corruption investigation into how the gas plant deal was struck. “The contract was designed to fail right from inception,” attorney general Abubakar Malami told reporters. If the Nigerian government is right, P&ID was an audacious scheme that had made unwitting accomplices of legal professionals, financial institutions, and politicians around the world.

The company and its founders remain elusive. A Nigerian newspaper recently published a list of unanswered questions about the firm: Where are its offices? How many people does it employ? How did such a tiny company win such a large concession? Quinn isn’t around to answer them; he died of cancer in 2015. But a close examination of his career, drawn from public records, leaked documents, and interviews with friends and former associates, shows that P&ID wasn’t the only Quinn project to end in disappointment, lawsuits, and corruption allegations. It was just the largest—the one that was supposed to provide his biggest payday.


Read More below:
https://www.bloomberg.com/news/features/2019-09-04/is-one-of-the-world-s-biggest-lawsuits-built-on-a-sham?fbclid=IwAR2XD0GaXNO_PP4IPbL4yE2yNZrJiaIg0ZU-71x6EsAJt59vP2JDhYiO63M

Trans Atlantic human slave trade was abolished, they used colonization and flag independence to continue with economic slavery.

If Nigeria has a presidency that's stuffed with technocrats, judgement like this could have been nipped in the bud.

kikake:



Trans Atlantic human slave trade was abolished, they used colonization and flag independence to continue with economic slavery.

If Nigeria has a presidency that's stuffed with technocrats, judgement like this could have been nipped in the bud.

Is that what you got from the story or how all our leaders are heartless and willing to sign an unenforceable deal so as to cash in with court judgements. Something they've successful done at a smaller scale?

Doesn't this give criticisms by ex-state actors a new light as per selfish interests rather than genuine concerns?

.

And you all were wandering why TY danjuma was hell bent on painting Buhari as the herdsman leader trying to scatter (civil war) this country by force so the truth never comes out.

I now know why Obj was jittery after 2016 cuz he got wind of the investigations going on.

Lia mohammed always told nigerians that the dasuki saga was jst the tip of the iceberg.

War against corruption most continue and the likes of Obj, danjum, IBB must hang.

Enlightened one, if you were so educated, you will recognize sarcasm when you see it, but I guess yours is hubris masquerading as education.

kayfra:




But you had time to reply. Ignorance is blissful

wonder233:
Enlightened one, if you were so educated, you will recognize sarcasm when you see it, but I guess yours is hubris masquerading as education.

You can't excuse obtuseness and laziness with sarcasm.

This is an excerpt from this beautiful piece of investigative journalism...

I wish the government can read this - and take necessary steps to corroborate the assertions to the advantage of any future challenge to the Judgment in question.

Yo can almost weep for Nigeria after reading this.

Best investigative journalism I ever read!!!

No wonder Reno was so fast to comment n make pmb look incompetent while trying to hide d real fact once the probe was announced by the attorney general. I may not like pmb but prefer him at the helm over Jonathan. God knows what would have happened in Nigeria of he was still d president.

After now one stupid white man who's feeling entitled will say all Nigerians are scammers (yahoo boy ).. not that I support scamming, but all our yahoo boys money put together doesn't equal one white scammer's money...
white scammers usually scam governments..

So don't ever feel inferior as a black man.. some of them are just as shitty as some of us are.

so be black and proud....

There is monorail failed contract in Rivers State and many failed contracts littered everywhere in Nigeria.


This post shows how they are done.... Yahoo yahoo

bizzibodi:
I hav been wondering Ty danguma a rtd military pensioner becomes so wealthy,he didn't inherited any wealth.he no go better for ibb,obj & danjuma.

Ty danjuma is a corrupt man.he became rich through corrupt mean that is why he said his family cant do government work,can u imagine that? But sadly its the truth,his family is even above the level of working in oil companies because they are the one selling the oil block. The question is how will a man that just enlisted in military be selling oil block?he is not even a president o.

This is too much where do we start from. This corruption is suffocating. Nigerians i pity us for real.

There is a conspiracy against Nigeria between the London's court and wicked Nigerians. How could a court with it senses give an evil judgement against Nigeria on the basis of a company that only existed on paper. T. Y danjuma should be invited for questioning asap.

Very brilliant Investigative journalism �

baby124:
I think Nigeria should be suing P&ID and all it’s aliases for all the fraud done against Nigeria through this company. Sad that Nigerians are enabling a foreigner to evade taxes and defraud the country on a massive scale. The hunter is now the hunted. There is enough evidence in this writeup to sue P&ID for nothing less than $20bn in damages.

It’s obvious that TY Danjuma knows a hell of a lot about the operations of this P&ID. They got a lot of military contracts, defaulted and disappeared with the money. TY Danjuma is even the one that spent the $40m and not P&ID!!!! That company and all its directors plus collaborators must be arrested!!!

A total investigation into all its contracts in Nigeria should be done and a lawsuit filed against the company and all its aliases for loses to Nigeria and interests accrued from those losses. Kudos to Buhari for standing his ground.

These are professional criminals and economic hit men. This was truly their big pay day. They underestimated Nigerians, since they had been getting away with smaller scams. They actually thought they could get away with this Lmao!!! They get nothing! In fact we have to go after them with lawsuits and make serious money from them!

You're funny o,what can you get from nothing?PID IS A FRAUD YOU'LL BE WASTING YOUR TIME SUEING THEM BECAUSE THEY HAVE NOTHING TO OFFER.

euromilion:


You're funny o,what can you get from nothing?PID IS A FRAUD YOU'LL BE WASTING YOUR TIME SUEING THEM BECAUSE THEY HAVE NOTHING TO OFFER.

All the money they stole and laundered to tax havens must be kept under a company name that can be sued. If their operations are investigated I am sure we will get to the root of the matter.

Just thought of another angle to this. You want to get to the roots of why Book Haram seems invincible? Then look no further than these kinds of shady businesses, that has become greater than criminal mafias and cartels.
When the last administration said sponsors of Boko Haram were in the government... We are now knowing the truth. These leeches and rats continue to make money from shady military and oil contracts.
The OBJ administration allegedly spent $16bn on electricity with nothing to show for it. We created overnight billionaires with no real growth in the economy, no improvement in infrastructure and social amenities, rather the manufacturing industries that should drive the economy are decaying daily.
All I'll say is democracy and political elites have failed us, and I'm not sure how many generations it will take to fix the rot these monsters have created.

[left][/left]

You're trying too hard... Smart-sounding clapbacks don't equate to knowldge. you know nothing about literature and the various literary licences that apply to prose and poetry. I'd love to educate you, but you're too vapid and vacuous to be teachable.
So, do me a favour and run along.

kayfra:


You can't excuse obtuseness and laziness with sarcasm.

I've watched closely of all the comments and I didn't see all these tribal idiots. I have come to the conclusion that all these tribalists are uneducated. You wouldn't see them in an educative topic like this. Kudos to the op

wonder233:
You're trying too hard... Smart-sounding clapbacks don't equate to knowldge. you know nothing about literature and the various literary licences that apply to prose and poetry. I'd love to educate you, but you're too vapid and vacuous to be teachable.
So, do me a favour and run along.

What is this one saying?

Taking effort to write unrelated nonsense. You could have well read the damned article and contribute rather than blowing smoke all over the place and exposing your handicap.

Easy boy...resorting to invectives and crude insults only shows you have exhausted your shallow depth of assumed knowledge.
Now, here is a bit of education for you: sarcasm, satire, indifference and deflection are various tools employed in the literary world to register dissatisfaction. Saying "I didn't read" means just that to a lay-man, but an informed person recognizes that as a protest given voice to by 'indifference'.
Same way 'afghanistanism' was employed by the American literati to protest happenings at home.
I took this time to explain, not really because of your impish self, but that per chance someone else may learn

kayfra:
What is this one saying?

Taking effort to write unrelated nonsense. You could have well read the damned article and contribute rather than blowing smoke all over the place and exposing your handicap.

wonder233:
Easy boy...resorting to invectives and crude insults only shows you have exhausted your shallow depth of assumed knowledge.
Now, here is a bit of education for you: sarcasm, satire, indifference and deflection are various tools employed in the literary world to register dissatisfaction. Saying "I didn't read" means just that to a lay-man, but an informed person recognizes that as a protest given voice to by 'indifference'.
Same way 'afghanistanism' was employed by the American literati to protest happenings at home.
I took this time to explain, not really because of your impish self, but that per chance someone else may learn

You can keep excusing your BS. There are people that actually have something relevant to say than empty and meaningless rhetoric. GTFO

Aaah "GTFO" really? "BS" really? What happened to all the pseudo polished grammar? And FYI you're the one on my comment. So, take a walk

kayfra:


You can keep excusing your BS. There are people that actually have something relevant to say than empty and meaningless rhetoric. GTFO

wonder233:
Aaah "GTFO" really? "BS" really? What happened to all the pseudo polished grammar? And FYI you're the one on my comment. So, take a walk

Silly season.