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05 September 2019

$9.6BN JUDGMENT AGAINST NIGERIA: Danjuma says P&ID boss lied, stole his idea

Billionaire businessman and former Minister of Defence, Lt. Gen. Theophilus Danjuma (retd.), has said it was his idea that brought about the gas project which led to the $9.6bn judgement against Nigeria in a lawsuit by Process and Industrial Development (P&ID)

Danjuma who shed more light on the controversy surrounding the judgement spoke in an interview with Bloomberg Businessweek.

He narrated that the founder of P&ID, Michael Quinn, was his consultant and that he allowed Quinn to use his funds and office space until he found out that Quinn also applied for the contract himself.

He added that one of his companies, Tita-Kuru Petrochemicals Limited, had spent $40m preparing for the project, and it wasn’t Quinn who spent money as he claimed.

He explained that he was promised a share of P&ID in return for his initial investment but that reality dawned on him when he found that his consultant was going to steal his project.

He however, added that he hadn’t heard from the company in years and that Quinn’s partner, Brendan Cahill, had yet to reply his letters even when he heard about the lawsuit.

P&ID had got a United Kingdom Court’s grant to seize $9.6bn in Nigerian assets over the failed gas flaring project.

The Federal government had in 2008 engaged the company in its quest to end gas flaring by using the gas being flared to generate electricity.

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