Vice President Osinbajo meets economic team over $9.6b judgment debt

Vice President Yemi Osinbajo yesterday met with members of the Economic Management Team (EMT) in Abuja over the $9.6 billion judgment debt awarded against Nigeria by a United Kingdom court in respect of a failed gas deal with an Irish firm, Process and Industrial Developments Limited (P&ID).

Specifically, the court in the ruling of August 16, 2019 ordered the company to seize Nigerian offshore assets of that value for alleged contract default.

There was no official statement after the meeting which ended about 3:00p.m., as those who attended the closed-door session filed out of the Presidential Villa one after the other without uttering a word to newsmen.

It was gathered however that the Federal Government had dropped the idea of negotiating with the Irish organisation in respect of the verdict.

A presidency source, who was disposed to details of the gathering, confirmed that the meeting was for Osinbajo to receive an update from the government lawyer and chart the next line of action.

“We just invited our lawyer to update us on the matter and what next action needs to be taken,” he stated.

Those at the gathering, which began at 1:30p.m., included the Minister of Finance, Budget and National Planning, Zainab Ahmed; Attorney General of the Federation and Minister of Justice, Abubakar Malami; Minister of Information, Lai Mohammed and the Minister of State for Petroleum Resources, Timipre Sylva.

Others were Minister of State for Niger Delta Affairs, Festus Keyamo; Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari; Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.