Economy

Battle over $9.6bn P&ID judgment begins next week,as suspects conviction will help review,says Malami

Barely a few hours after the conviction of some suspects, the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami(SAN), on Thursday said Nigeria has a basis to seek review of the $9.6billion judgment against it.

He said Nigeria will meet with its legal consortium early next week in the UK in preparation for the case listed for 26th September.

Malami, who made his views known in a terse statement through his Special Adviser on Media and Publicity, Dr. Umar Gwandu, said the nation now has a judicial proof of fraud.

The statement said: “The implication of today’s conviction is that Nigeria has a judicial proof of fraud and corruption as a foundation of the relationship that gave rise to a purported liability in the arbitral award.

“A liability that is rooted in fraud and corruption cannot stand judicial enforceability. Nigeria now has a cogent ground for setting aside the liability.

“Nigeria is expected to review its strategy in view of unfolding developments as it relates to conviction of some of the suspects that have admitted fraud and corrupt practices in the transaction that gave rise to purported award.

“Nigeria is meeting with its legal consortium early next week in the UK in preparation for the case listed for 26th September.”

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