FG probes nine contracts signed in breach of due process by past govts

The Federal Government has constituted a panel to investigate nine contracts signed by previous administrations capable of undermining the nation’s economy.

Minister of Justice and Attorney General of the Federation, Abubakar Malami, made the disclosure when he appeared before the Senate Committee on Judiciary, Human Rights and Legal Matters, chaired by Senator Opeyemi Bamidele.

He pointed out that the P&ID contract signed without due process and procedure has the capacity to rip off $10 billion from Nigeria.

In 2017, a tribunal awarded P&ID $6.6 billion as damages. But the amount grew to $8.9 billion, with an additional $2.3 billion in accumulated interest at seven per cent rate per annum, following Nigerian government’s refusal to appeal the matter for over five years.

Malami, while responding to questions from members of the committee, explained that the contract was never allowed to pass through the Office of the Attorney General and that its clauses were inimical to Nigeria’s interest.

He said the taskforce set up for the probe will spend N1.1 billion in 2022 to carry out holistic investigation on nine other contracts signed against the interest of the country by previous administrations.