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This is where PSB, CBN got it all wrong

In a new development, Wahab Shittu,  the legal counsel to Ibrahim Magu, the erstwhile Acting Chairman of the Economic and Financial Crimes Commission has said that the UK’s recent judgment which overturned the $10bn that was awarded against Nigeria in the Process and Industrial Development case is actually a big win for his client.

You will recall that it was reported by Nairametrics that a petition to President Muhammadu Buhari by the Minister of Justice and Attorney General of the Federation, Abubakar Malami complaining about Magu’s delay in acting on a presidential directive by the Ministry of Justice to investigate the above matter mentioned led to Magu’s removal.

But tides seem to be turning  as Ross Cranton, the presiding judge at the Business and Property Courts of England and Wales stated whilst delivering his judgment on Friday, the 4th of September, 2020 that he via their application, has granted Nigeria an extension of time and relief from sanctions that were based on the accomplishments of the Magu led EFCC in the establishment of fraud and corruption evident in the contract as reported by Nairametrics

Consequently Shittu, in a statement to Sahara Reporters has asserted that this judgment has thrown light on his client’s good work during his EFCC days as well as on his innocence and thereby vindicating Magu.

This he said:

“I feel a strong desire to react to the latest UK verdict against P&ID in the context of the HAGF’S memo which triggered the ongoing judicial commission of inquiry probing the activities of the suspended Acting Chairman of EFCC Mr. Ibrahim Magu hereinafter referred to as “my client” and the vindication the outcome of the UK verdict represents in our national consciousness.

“It will be recalled that in the HAGF’S widely publicised memo to the President, the nation’s Chief Law Officer wrote amongst others against our client as follows; by letter dated 26th June 2018 that was copied to the Acting Chairman of EFCC, the Chief of Staff to the President conveyed Your Excellency’s directive mandating the investigation of the P& ID matter. This directive was followed up by a comprehensive letter dated 28th June 2018 to the EFCC setting out facts and documents for the investigation.  As important as this matter is with its attendant threat to our national assets, the EFCC did not accord this presidential directive with any serious attention until a year after around July/August 2019 when the scale had already tilted dangerously against Nigeria. “In view of this delay, police were requested to also conduct an independent investigation into the P&ID matter. In the same vein, in December 2019, there was request to the Ag. Chairman of the EFCC to forward copies of all charges, proof of evidence, and judgments in relation to all cases filed by the EFCC against P&ID and their associates, copies of warrants of arrest, copies of other documents in relation to the ongoing investigations.

“The above documents were required by the police to enable it interface with Interpol on this matter. The Acting Chairman of EFCC did not respond to my request. The above is just one out of several correspondences which institution has had cause to send to the EFCC and which were neither acknowledged nor replied. Examples of cases where the Acting Chairman either refused to respond to requests from the Office of the Attorney-General of the Federation and the Solicitor-General of the Federation are attached as (“Annex 3’’).

“In total, it is estimated that the Federal Government of Nigeria lose or would have lost Forty-Seven Billion, thirty-six million, five hundred and twenty eighty thousand, two hundred and nine Naira (N47, 036,528,209.00).  In dollars, the estimated amount would be approximately, ($85,008,917.43) Eighty-five million, eight thousand, and nine hundred and seventeen pence and in pounds, it would be Seventy-four thousand Pounds (N74,000.00).

“These losses would be directly linked to the lack of response by the Acting Chairman or lack of coordination and the Acting Chairman’s recalcitrant attitude to work.

“The above conclusions from the HAGF may have been seriously questioned by the outcome of the UK court’s verdict which has sent Nigerians and the Nigerian ruling elite in a celebration mood and exposed the good work of EFCC under Magu’s watch.”


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Federal Government Stance?

Rather curiously, Nigeria’s Presidency has made a statement following the High Court ruling of Sir Cranston expressing delight at the judgment. This statement was made by tweets by Mr. Garba Shehu who is the official spokesman for President Mahummadu Buhari, on Friday, stating that the Nigerian government is relieved at the judgment as this has strengthened the government towards the goal of protecting its national assets from organizations and individuals with criminal intentions.

Furthermore, Shehu, on behalf of the presidency stated that the Presidency was indeed excited about the processes and the judgment; this in turn has given the Nigerian Government sufficient cause to challenge the perpetuation of frauds by P&ID with a view to overturning the arbitration award.

Conclusion

As the storms continue to rage in this Magu story with lots of developing twists and turns, it is safe to say, it is uncertain where the tides are heading, but one thing is sure, this is not the end of this whole drama.


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Source: nairametrics.com