Still On P&Id Debacle
Ordinarily, the issue of the US$9.6 billion costs awarded to P&ID by a UK court against Nigeria appears to be over-flogged. But it is not; because the financial life of Nigeria is ‘hanging by a thread’ and there is the ‘sword of Damocles’ hanging on us as a nation.
The five books known as Cicero’s Tusculan Disputations’ and USA late President J. F. Kennedy’s speech in 1961 during the Cold War era are of a great significance here. Cicero, the Roman philosopher wrote On the Contempt of Death, On Bearing of Pain, On Grief, On The Passions, and Is Virtue Sufficient for Happiness? These were books expounding on general themes of Stoic philosophy but full of disputations and contradictions.
Equally, the late President of the United States of America, John F. Kennedy gave his inaugural speech on January 20, 1961 which, inter alia stated ‘we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and success of liberty.’ What a contradictory speech!
These two oxymoronic examples could be likened to the present P&ID debacle. What is the gist of the P&ID saga?
Nigeria stupidly and recklessly entered into a gas supply contract to a little known and verified Irish company, P&ID eleven years ago without transparency! Gas was to be piped to the company at its imaginary location in Odukpani, Cross River State. No due diligence was conducted. No transparency was involved. The company did not provide any structure in Odukpani, Cross Rivers State. Yet, it expected Nigeria to pipe gas to the place! The government did not compel P&ID to provide the needed facilities to receive the gas neither did government invoke the arbitration clauses nor approach any appropriate court to compel the company to perform.
It simply went to sleep allowing the smart alec to take up proceedings against us. The result of our docility and inertia over a decade ago has now led us to all manners of disputations, nonsensical excuses, insinuations, propaganda and misinformation. It is basic legal maxim that ‘equity aids the vigilant and not the indolent.’ A popular maxim says ‘delay defeats equity’; while we also know that justice is not for the indolent. We have slept on our right and therefore, we must bear the consequences of our stupidity, indolence and lethargy.
Of what legal consequence was the carrying of placards and picketing of Embassy of Ireland and High Commission of United Kingdom? Why the babbles and cacophony of voices on what happened and what did not happen, who did what and who did not do what, establishment of commission of inquiry or calling in the Economic and other Financial Crimes Commission (EFCC), etc.? Will all these resolve the debacle?
The issues involved are quite simple: Who entered into the contract on behalf of Nigeria? Was due process followed? What did the Ministry of Petroleum Resources/NNPC and Federal Ministry of Justice do or did not do? What were or are the contents of the Contract agreement? Any Arbitration clause(s)? What were or are the legal remedies or enforcement clauses? What transpired during the Arbitration proceedings? From the various figures (USS100m, US$150m, US$250m, etc.) of Arbitral award against Nigeria for non-performance, how was the UK Court able to arrive at the US$9.6billion ‘sword of Damocles’? This humongous amount represents over 20% of our foreign reserves!
So, what can we do to arrest the looming financial disaster? Perhaps a ray of hope is in the horizon with the Presidency sensing the looming danger; thus reported to be holding crucial meetings to strategize on the country’s response.
It is not out of place to suggest to the Federal government to assemble its best brains and brief the best of legal experts in the United Kingdom to handle this soar matter. It is better to lose some few millions of dollars than a debilitating and calamitous US$9.6b that is rising by the day owing to interest. Nigeria must never allow this embarrassing judgment to get to the level of enforcement. A stitch in time saves nine.
Another dimension is the lesson the country should learn in communicating government’s actions and inaction. In a situation such as the one at hand, denial, buck-passing, disinformation, misinformation or propaganda can never do us any good. We should learn to accept responsibilities. Government is a continuum as nature does not accommodate a lacuna.
We make mistakes and that is why we are human beings. The important thing is for us to own up and take remedial steps to redress any bad situation. It is invidious to want to bamboozle the people.
As a nation, we must jettison ‘tusculan disputations’ since our country, your country is populated by many analytical, decipherable, rational and patriotic minds.
The P&ID saga is a debacle.
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