The House of Representatives has initiated a probe into the controversial Process & Industrial Developments (P&ID) deal, where Nigeria narrowly escaped a $11 billion financial blow following a UK court ruling in its favor. This investigation highlights the urgent need for a complete overhaul of Nigeria’s procurement processes and a forensic review of all concession contracts involving the government in recent years.

The P&ID case exposes severe corruption and a lack of patriotism by Nigerian officials and their consultants, including legal advisors. Kama Nkemkanma, a House member, emphasized the shoddy and corrupt handling of the $6.6 billion Gas Supply and Processing Agreement between Nigeria and the shadowy British Virgin Islands-based company, P&ID.

While President Bola Tinubu has expressed relief over Nigeria’s judicial victory, he should push for criminal investigations into similar dubious deals. Former President Muhammadu Buhari’s administration fought against settling the P&ID dispute, uncovering fraud and money laundering within the agreement. The saga is a reminder of how corruption in Nigeria’s public offices repeatedly threatens the country’s financial stability.

The P&ID deal, initiated under the administration of the late President Umaru Yar’Adua, aimed to enhance Nigeria’s power generation by using gas to fuel the grid. However, neither party fulfilled their obligations, leading P&ID to sue Nigeria in a British court, resulting in a massive $11 billion judgment against the country.

A UK court recently overturned the judgment after uncovering fraud in the P&ID deal. Judge Robin Knowles condemned the corruption that drove the scheme, stating that individuals involved were “driven by greed,” ignoring the harm inflicted on Nigeria.

This investigation should extend to all questionable contracts and concessions made by the government. Nigeria should adopt measures to prevent future occurrences by promoting transparency, reforming the procurement process, and holding accountable all those involved in defrauding the country. Additionally, it must stop signing contracts that include arbitration outside the country’s jurisdiction. Those found guilty should face prosecution to prevent future corruption.