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Nigeria Triumphs in $11 Billion P&ID Case

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Justice Robin Knowles of the Commercial Courts of England and Wales has ruled in favour of Nigeria in the enforcement of an $11 billion Process & Industrial Developments (P&ID) Limited arbitration award.

The judgment was issued both in open court and electronically via email to the parties on Monday, marking Nigeria’s successful effort to halt the enforcement of the award, which initially favoured P&ID.

According to Justice Knowles, the award against Nigeria by the company was obtained by fraud.

He stated, “In the circumstances and for the reasons I have sought to describe and explain, Nigeria succeeds on its challenge under section 68. I have not accepted all of Nigeria’s allegations. But the Awards were obtained by fraud, and the way in which they were procured was contrary to public policy,” the judge ruled.

The dispute traces back to January 2010 when P&ID signed a Gas Supply and Processing Agreement (GSPA) with Nigeria to develop a processing plant in Calabar, the Cross River State capital. However, the deal fell apart in August 2012, leading P&ID to seek $5.96 billion in compensation from Nigeria through arbitration at the London Court of International Arbitration.

In January 2017, the arbitration panel found Nigeria in breach of the contract and ordered the country to pay the company $6.6 billion, along with interest starting from May 2013. Before the verdict, the interest, fixed at seven percent ($1 million daily), had accrued to over $11 billion.

Nigeria subsequently filed an appeal against the enforcement of the award, and the court granted the relief sought by the country in September 2020.

Nigeria argued that there was substantial evidence of fraud in the contract and the arbitration award’s procurement. The Nigerian side urged the court to set the award aside, highlighting that some individuals involved in the case were facing trials for money laundering and corruption.

In his ruling, Justice Knowles not only concurred that the arbitration awards were obtained by fraud but also found that the manner in which they were procured was contrary to public policy.

He emphasised the gravity of the case and the significance of Section 68 in upholding the rule of law, outlining the court’s powers regarding irregularities in the tribunal, proceedings, or award.

Also, Justice Knowles agreed to consider the question of the order the court should issue at a later date, allowing the involved parties to present their arguments once they have digested the judgment.

This decision maintains a fair and thorough legal process in this complex international dispute.

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Crime & Court

Police to Sanction Officers Filmed Collecting Cash from Chinese Nationals

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The Nigeria Police Force has vowed to sanction its officers caught in a viral video receiving money from Chinese nationals, describing the act as a disgraceful breach of professionalism and a violation of the Force’s core values.

In the now widely circulated footage, several Chinese individuals are seen handing out naira notes to uniformed Nigerian policemen, who were lined up in what appeared to be a well-orchestrated arrangement. The video has since sparked widespread condemnation on social media, with many Nigerians expressing outrage and calling for systemic reform within the police.

The disturbing scene, showing armed officers accepting cash in broad daylight, has raised serious questions about the integrity and discipline of personnel within the Force.

Reacting to the incident, Force Public Relations Officer, ACP Muyiwa Adejobi, issued a strong statement on Thursday condemning the officers’ actions as both “unprofessional and unethical.”

“The Nigeria Police Force has taken cognisance of a disturbing video making rounds in the media space, showing police officers receiving money from a Chinese national,” Adejobi stated.

“The Force has strongly condemned the conduct exhibited by the police officers in the video. The actions of the officers do not represent the established ethics, standards, and core values of the Nigeria Police Force.”

He further revealed that the officers involved have been identified and are currently undergoing disciplinary procedures, although he did not specify the nature of the sanctions to be meted out.

Adejobi assured members of the public that the incident would be thoroughly investigated and that appropriate disciplinary actions would follow.

In addition, he issued a stern warning to individuals and corporate organisations who engage the services of police officers, particularly for private escorts and guard duties, urging them to refrain from acts capable of tarnishing the image of the Force.

“The Nigeria Police Force hereby cautions individuals and organisations privileged to the services of police personnel, particularly as escorts and guards or other specialised services, to desist from any act capable of degrading the integrity of its officers and bringing the Force to disrepute,” he warned.

 

 

 

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‘We Warned Nigerians’ — EFCC Reacts to N1.3tn CBEX Collapse, Pledges Recovery

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Amidst widespread public outrage over the collapse of a digital investment platform, CryptoBank Exchange (CBEX), which reportedly led to the loss of over N1.3 trillion in funds belonging to Nigerian investors, the Economic and Financial Crimes Commission (EFCC) has reiterated its earlier warnings against patronising Ponzi schemes.

Speaking on Channels Television’s The Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale confirmed that the anti-graft agency had long taken steps to sensitise Nigerians on the dangers of fraudulent investment schemes.

The CBEX platform, which reportedly crashed on Monday, left countless Nigerians unable to access their investments, sparking a flurry of emotional video testimonials and appeals for justice across social media platforms.

“You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr Ola Olukoyede, directed us to issue a public alert concerning 58 Ponzi scheme companies. We made that list public – that shows we were proactive,” Oyewale said.

“Regarding CBEX, we are fully aware of the situation and have been taking action. Before the outcry, we were already investigating; during the public response, we continued working, and even now, the work is ongoing.”

He stressed that the EFCC should not be blamed for the CBEX incident, noting that the platform is run by a Chinese digital trading firm with no legal ties to Nigeria.

“All the so-called offices people mentioned in Ibadan and elsewhere are not functional; the entire operation exists online,” he clarified.

Oyewale further explained that the EFCC has consistently warned Nigerians against online criminal schemes and that extensive public awareness efforts had already been made. He argued that the onus now rests on the public to be more discerning when investing their funds.

He highlighted the importance of the recently enacted Investment and Securities Act 2025, describing it as a robust legal instrument aimed at curbing unlawful investment practices.

“Any entity engaging in digital trading without a proper licence and compliance with extant laws is committing a criminal offence,” Oyewale stated.

He also cautioned Nigerians to scrutinise unrealistic investment promises.

“If someone says, ‘Bring your money and get a 100% return in 30 days,’ that’s not only impractical, it’s deceptive,” he noted. “Even with Nigeria’s prevailing interest rate at 27.5%, no legitimate investment yields such returns.”

He urged investors to verify the compliance of investment platforms with key financial regulations, including the Money Laundering Prevention and Prohibition Act 2022, the Proceeds of Crime Act, and the Terrorism Financing Act.

Despite the grim situation, Oyewale gave hope to victims, assuring that the EFCC is collaborating with global partners to recover the lost funds.

“We are already working with Interpol and other international development agencies to bring the perpetrators to justice,” he confirmed.

“While the recovery process may not yield immediate results, we assure Nigerians that the EFCC will not abandon them. Escapism is not a solution – we are responsible and professional, and we will ensure justice is served.”

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Court Strikes Out Falana, Falz’s N1bn Defamation Suit Against Verydarkblackman

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A Lagos High Court sitting in Ikeja on Tuesday struck out the defamation suit filed against controversial blogger Martins Otse, popularly known as Verydarkblackman (VDM).

The suit was instituted by renowned human rights lawyer and Senior Advocate of Nigeria, Femi Falana, and his son, rapper and activist Folarin Falana, widely known as Falz.

The case stemmed from comments and a video published by VDM on 24 September 2024 via his various social media platforms.

In separate suits, the Falanas sought N500 million each in damages, accusing the blogger of defaming them by alleging in the video that they had received N10 million from social media personality Idris Okuneye, a.k.a. Bobrisky, to pervert the course of justice.

The claimants contended that the defendant knowingly published unverified and false information with the intention of tarnishing their reputation. They further argued that the defamatory content remained accessible online, thereby causing continuous reputational damage.

During Tuesday’s proceedings, neither the claimants nor the defendant was present in court.

Counsel representing the defendant, Niyi Alagbe, standing in for Marvin Omorogbe, informed the court that an application for a stay of proceedings had earlier been filed before Justice Fimisola Azeez.

Responding, the Falanas’ counsel, Omotayo Olatunbosun, confirmed receipt of the said application around 4:15 p.m. on Monday, but urged the court to hear the preliminary objection, which he noted was already ripe for hearing. He argued that the new application was merely a ploy to delay the proceedings.

Justice Matthias Dawodu, in his ruling, stated that the application was not part of the case file before him and questioned why he was being asked to continue hearing the matter when the substantive suit was before another judge.

He concluded that proceeding with the current suit would amount to an academic exercise, and accordingly, struck it out.

“Consequently, this suit is hereby struck out,” the judge ruled.

 

 

 

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