Documents accessed by LEADERSHIP on the P&ID deal that has caused apprehension in Nigeria have showed that two Nigerians and three foreigners would benefit from the $9.6 billion arbitration award unless the federal government wins its planned appeal against the huge fine.
Analysts said that fine is almost half of the country’s annual budget.
The documents revealed that P&ID, whose official address indicates that it is registered in the British Virgin Island, has two Nigerians – Adamu Usman and Jadesola Awoyinfa – listed alongside three foreigners – Brendan Cahill, Michael Quinn and Neil Hitchcock as directors of the company. It has a local office at No. 12 Vaal Street, Maitama, Abuja.
The judgment was based on a contract between the federal government and the P&ID signed in 2010 (Leadership.ng)
