In a high-stakes legal battle that could have profound implications for Nigeria’s economy, three Nigerians stand to benefit from a record-breaking $11.4 billion damages award if a British court rules against the country.
The case revolves around the multi-billion dollar P&ID gas deal, which the federal government has described as “extraordinary” and “corrupt.”
Grace Taiga, former head lawyer for the petroleum ministry, is among the trio. She hopes to share in the awarded sum of $11.4 billion granted to the offshore company Process & Industrial Developments (P&ID) by England’s High Court.
Court documents and testimonies seen by Al Jazeera confirm that Taiga, Adetunji Adebayo, and Mohammed Kuchazi, all Nigerians, could stand to gain if the court compels Nigeria to pay the award.
The case dates back to January 2017 when an arbitration panel in London ruled that Nigeria should compensate P&ID with $6.6 billion for a contract breach. With accrued interest, this amount has now ballooned to $11.4 billion. However, Nigeria has consistently refused to make the payment, claiming that P&ID bribed officials, including Taiga, to secure the gas contract.
The outcome of the court’s decision, which is expected soon, could have severe repercussions for Nigeria’s economy. Financial analysts warn of potential “monumental” negative shocks that might push the country back to a time when it was not considered creditworthy.
The division of the proceeds from the damages has been kept confidential for an extended period. However, Taiga, who had previously denied any expectation of money from the award, confirmed under oath that she does have expectations. The exact amount she expects from P&ID co-founder Brendan Cahill remains unclear.
“I sought to reassure her that she would be looked after to some degree,” he told the court. “I didn’t specify how or when.”
Adetunji Adebayo, the executive chairman of Nigerian gas company GFD Energy and a middleman during settlement negotiations, could be entitled to $1.4 billion, according to an affidavit by Cahill.
In the affidavit dated May 2022, Cahill wrote that “Mr Adebayo was promised 10 percent of the income from the arbitration” but added that there was still “a lot of uncertainty around the amount, if any, that will be paid out.”
Mohammed Kuchazi, P&ID’s commercial director, believes he is entitled to 3 percent of the award, which amounts to around $340 million, based on an agreement he reached with Quinn, as confirmed by Cahill’s affidavit.
In his sworn affidavit, Kuchazi stated that he had maintained a friendship with Minister Lukman since the 1960s. Before venturing into business, Kuchazi had a background in Nigerian politics.
When questioned for additional insight, Kuchazi’s legal representative, Eric Ifere, informed Al Jazeera that his client’s entitlement to a “3 percent commission” was substantiated by a written agreement with P&ID. However, he declined to disclose the contents of that document.
The Nigerian government has accused Adebayo and Kuchazi of bribing Nigerian officials on behalf of P&ID. The company and Kuchazi have denied these allegations.
This unique scenario underscores the complex and high-stakes nature of the P&ID case and its implications for both the individuals involved and the nation of Nigeria.