Inside Nigeria
Buhari: Stay Away From Nigeria, Ex-British Minister Warns Investors
A former Secretary of State for International Development of the United Kingdom, Priti Patel, has warned investors to be wary of investing in Nigeria.
In an op-ed for City A.M., Patel, who is a member of the British parliament, claimed that President Muhammadu Buhari was not in the habit of obeying law and court orders.
Patel cited the case of a firm owned by two Irishmen, which got a contract in Nigeria in 2010, adding that Buhari, upon assuming office in 2015, cancelled the contract.
Patel claimed that the firm’s efforts to get compensation through the court were also frustrated as Buhari refused to obey court decisions made in favour of the foreign firm.
Patel said, “In Nigeria, the unhappy experience of the firm founded by two Irishmen, Process and Industrial Development, is a case in point, and demonstrates the risk that businesses will face in Nigeria.
“In 2010, P&ID signed a 20-year contract with the Nigerian government to create a new natural gas development refinery, but the project fell through after the Nigerian government reneged on its contractual commitments.
“Upon taking office, President Buhari promptly cancelled a compensation settlement.
“Since Buhari reneged on this deal, P&ID has undertaken legal efforts to affirm a tribunal award, first decided in London. It also made several attempts in court to force the Nigerian government to respect its obligations.
“The most recent court decision at a London tribunal confirmed that the Nigerian government owes P&ID almost $9bn for the initial breach of contract, loss of income, additional costs, and interest accrued after five years of non-payment.
“However, the Nigerian government has continued to flout international law and convention, and it refuses to respect the various court decisions.
“Investors must consider this long-running scandal and weigh this obstinacy against Nigeria’s mishandled economic potential.”
He added, “Nigeria is ranked 145th in the world for its ease of doing business, which demonstrates the risks of investment into Nigeria.”
Responding, the Director-General, Lagos Chamber of Commerce and Industry, Muda Yusuf, said it was not right for Patel to make such a generalisation about investing in Nigeria.
Yusuf said, “I don’t think people should rely on that kind of statement in order to make a decision on whether to invest or not. What is most important to an investor is the opportunity that exists to make profit in an environment,” he said.
Also, the Managing Director, Footprints for Africa, Mr Osita Oparaugo, called on the Federal Government to erase the poor perception of foreign investors about the Nigerian business climate.
He said, “When an agreement is signed, the government must stick to it. There should be continuity of government programmes because lack of continuity in government programmes creates uncertainty.”
On its part, the opposition Peoples Democratic Party said it was unfortunate that Buhari had given the country bad image abroad, with his alleged penchant for disobeying court orders.
A presidency source said Patel’s claims were being analysed by government.
However, the Presidency described Patel warning as “lacking in substance and devoid of merit in empirical evidence established by facts.”
The President’s Senior Special Assistant on Media and Publicity, Mr Garba Shehu, in a statement said, “Her claim is a fabrication that cannot be supported by the facts on the ground.”
“Nigerian has recognised the rights of investors, both local and foreign, as enshrined in our constitution, which states clearly that no investment can be taken from its owners without recourse to the law. Given the constitution, you don’t even need international protection for assets held in this country.
“Beyond this, we have established a proper climate of investment on account of which, the nation has gained 24 points of excellence in the global ease of doing business index.”
Anonymous
November 22, 2018 at 4:45 am
British go and sit down
Anonymous
November 21, 2018 at 12:21 pm
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Anonymous
November 21, 2018 at 12:06 pm
Okkkkk
Anonymous
November 21, 2018 at 9:41 am
They are already on the run before this ur warning man,that name buhari dead or alive is a natural badluck to this country
Anonymous
November 21, 2018 at 9:24 am
All hail biafra
Anonymous
November 21, 2018 at 8:48 am
Absolutely! Nigeria is the only country where the president, his party members and even the Fulani herdsmen are above the law. The NASS and the judiciary are tired of him because he does what he likes. The greatest tyrant of our days.
Anonymous
November 21, 2018 at 8:45 am
The Nigeria that Britain designed and built! Vampires!
Anonymous
November 21, 2018 at 8:27 am
THAT COMIC TESTIMONY FROM ASO ROCK
Paul Ihechi Alagba Writes From The Desk Desk Of Family Writers Press.
The unveiling of Jubril is a gradual process. Infact, I love the way Nnamdi Kanu is going about it, which has put Aso Rock in total disarray. For those asking the stage we are currently in unmasking Jubril, I want you all to know that we have removed his cap, captured his ear, measured his size and unraveled his dialect and facial disparities. All these without any objection from the cabals in Aso Rock.
The next stage we’re heading to, courtesy of IPOB leader, Nnamdi Kanu, will shock Nigerians. We are going to undress Jubril, and leave him stark naked to the whole world.
The cabals are now murmuring within themselves…..
Below is a comic testimony I just received from Aso Rock… Read, laugh and think-
JUBRIL- This troublemaker knows too much, we’re in a deep mess!… Oga Abba Kyari, you told me this is only between me and you… Oh! I am finished!
ALHAJI ABBA — Common stop being childish. After all, you caused it all. Lets remain quiet and calm, he said he will expose more. I don’t think that infidel can succeed in this. We should hear him out first, then employ BMC to save us.
CABAL 8—- But emmmm! he said he has the DNA result, and some people will be coming from America to analyse it on live television…. I am afraid, he has a lot of information.
CABAL 10— Mr man, which television are you talking about here?
CABAL 8— I don’t know ooo… but some people are saying CNN, Al-jazeera, Fox and even the Israeli National Television are competing to carry the breaking news.
ALHAJI ABBA- Hmmm! No, this won’t happen. We have Nigerians under control… Call Lai Mohammed and Femi Adesina to fabricate some distractions.
EMPEROR RUFAI—- Do you think that will solve the problem? You don’t know those you’re dealing with. Sometimes you surprise me with your reasoning. I have some Palestinian suicide snipers that can easily get the job done at Western Wall. You know that is where that small boy like deceiving himself every Friday.
ALHAJI ABBA: Calm down El-Ruu! Your blood is always hot. You think Israel is Kaduna? I don’t want another Umaru Dikko mess up this time around, and perhaps, this very issue is enough nightmare. Let me survive it first. My only anger is on Jubril… I warned him never to touch anything at White House, apart from Donald Trump’s palm, but he went there and forgot himself… Now the secret is no longer a secret.
PASTOR OSIBANJO—- Eeeeeehe!
ALHAJI ABBA—(Surprised, and frowns at Pastor Osibanjo)- What are you doing here, who invited you here?
Common go’an tell Nigerians we’re giving them subsidy on rice this December. Tell them the presidency said so. Emmmmm, afterwards go to your room and prepare for election debates.
(Returns focus to fellow cabals)…Sorry my brothers… Can we continue?
Anonymous
November 21, 2018 at 8:24 am
Buhari is nothing but a monumental disaster in Nigeria existence. I just hope our economy won’t crumble before 2019 when he’ll retire to his village Daura.
Anonymous
November 21, 2018 at 8:21 am
country can do the policy that favour there indegene
Anonymous
November 21, 2018 at 8:18 am
Buhari has done more harm than good to our country, it’s time to ease him out.
Anonymous
November 21, 2018 at 3:32 pm
Dog
Anonymous
November 21, 2018 at 4:10 pm
Fool
Anonymous
November 21, 2018 at 8:09 am
A whole Nigeria, se ri aiye
Anonymous
November 21, 2018 at 7:57 am
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