EFCC begins Investigation into $8.9billion UK Court award against Nigeria over alleged Breach of Contract

Ibrahim Magu, Chairman of the Economic and Financial Crimes Commission, EFCC has disclosed that the Commission had commenced an investigation into the circumstances leading to the $8.9billion arbitral award against Nigeria by a United Kingdom Court over alleged breach of gas contract agreement between it and Process and Industrial Development Limited.

Describing the process leading to the judgment as “daylight robbery”, Magu vowed that the Commission will forensically investigate the transaction and bring anyone one found wanting to justice.

He spoke while playing host to a delegation from the Nigerian Diaspora Commission, led by the Chairman and Chief Executive, Hon. Abike Dabiri Erewa, who sought for collaboration with EFCC towards effective combating of cybercrimes, being committed by Nigerians in the Diaspora.

Erewa-Dabiri decried the rate at which Nigerians particularly the youth get involved in all manners of fraudulent activities in foreign countries, saying more efforts should be geared towards the combating of the crimes. “It is very embarrassing to know that out of 80 suspected fraudsters you find, 70 are actually Nigerians,” she said.

According to her, “when things like these happen, they damage the image of the country,” noting that the bad reputation of a few Nigerians who commit crimes are affecting the rest of the citizens.

She urged the EFCC to tackle cyber crimes as effectively as it has been fighting the war against corruption.”We hope that the EFCC will reassure the world that we are fighting cybercrime,” she said.

In his response, the Acting Chairman of EFCC, Ibrahim Magu, while expressing his disappointment at the rising rate at which Nigerians embrace cybercrimes at home and abroad assured of his resolve to tackle the scourge of cybercrimes and to totally rid the country of them.