A former Minister of Justice and Attorney General of the Federation AGF, Michael Aondoakaa has revealed how the immediate-past governor of the Central Bank of Nigeria CBN, Mr Godwin Emefiele saved the country billions of dollars that would otherwise have been paid as arbitral award to a foreign company, Process and Industrial Developments P&ID.
P&ID had said the contract failed because the Nigerian government breached the terms of the contract. It therefore approached the courts where on January 31, 2017 it succeeded in securing an arbitral award of $6.6 billion against Nigeria as well as pre-and post-judgment interest at seven per cent. He said:“This fraud has been exposed and it gives us a window to look at other similar cases like Ajaokuta and the rest of them that they hurriedly went abroad, got arbitration and are trying to enforce against Nigeria. “I particularly give credit to the CBN under the then Governor, Godwin Emefiele because there was strong pressure that settlement should be made. Our team was in the minority that we must fight till the end.
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