of Petroleum Resources in 2010
Gentlemen, the judgement that was delivered on Friday, 16 August 2019 is a fallout of the contract purportedly entered into in 2010 between the Federal Ministry of Petroleum Resources and P&ID.
purportedly entered into with the P&ID in 2010, the company never performed as agreed.
After the arbitration award in 2017, Nigeria made several attempts to negotiate the award and resolve the whole issue amicably with P&ID but to no avail,
- were clearly unreasonable and manifestly excessive and exorbitant;
- were completely wrong and obviously unjustifiable;
- and that the damages overcompensated P&ID on a frankly gargantuan scale and imposed a punitive award on Nigeria.
We want to place on record that the Federal Government views with serious concerns the underhanded manner in which the contract was negotiated and signed.
Gentlemen of the press, despite the recent recognition of the award by a UK court, and contrary to some reports, Nigeria IS NOT about to lose any of its assets to P&ID. There is no imminent threat to Nigeria's assets!
Thank you, gentlemen, for your kind attention.