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EXPOSED! P&ID $9.6BN JUDGEMENT: TY DANJUMA CONNECTION

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A latest report by the Bloomberg Businessweek has revealed that the original idea for the controversial Process and Industrial Developments Limited, P&ID’s failed 2010 Gas Supply and Processing Agreement was that of Nigerian billionaire and former General, Theophilus Yakubu Danjuma.

In an interview with Businessweek, the 81-year-old Danjuma expressed doubts on the claims by the Irish firm, saying the gas flaring project was originally his idea, and that one of his companies, Tita-Kuru Petrochemicals Ltd., had spent the $40 million preparing it, not Michael Quinn, founder of P&ID Limited.

The agreement provided for P&ID to build facilities in Odukpani, Cross River State  to refine associated natural gas to be used in generating electricity.

P&ID claims that Nigeria was to supply it with fixed quantities of wet gas over a 20-year period.  In return for supplying lean gas to the state, P&ID would be allowed to retain natural gas liquids separated during the refinement process and sell them for its own profit.

P&ID claims it invested about $40 million in the project but that the facilities were never built and no wet gas was ever delivered.

P&ID alleged that Nigeria failed to meet its obligations to supply wet gas or complete construction of a pipeline that was necessary to transport the wet gas to the project site.

The company said these failures led to the project’s collapse, costing it 20 years’ profits from the sale of natural gas liquids (NGLs).

But according to the Taraba-born oil tycoon, the late Irishman had been a consultant to him, using his funds and office space.

The General, it was said became upset upon discovery that Quinn applied for the contract himself.

The realization dawned, he said, that “my consultant was going to steal my project.”

Danjuma recalled being promised a share of P&ID in return for his initial investment, but added that he hadn’t heard from the company in years.

At one point, Danjuma dusted off his hands to emphasize the relationship’s end.

P&ID’s spokesperson declined to comment on Danjuma’s involvement or any other matters raised in this story.

P&ID had filed a petition against Nigeria before the United States District Court, Washington DC, to confirm a ‘final award’ dated 31 January 2017.

But after a set of closed legal proceedings, a UK Tribunal judges awarded P&ID $6.6 billion, one of the biggest amounts a company has won from a sovereign state.

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