Presidency reacts to UK lawmaker claims that investors are at risk in Nigeria


 
Published on : Nov 21, 2018 01:59:53 | Posted by : Anayo Moses
 
 


.


The Presidency has criticised former UK secretary of state for international development, Priti Patelfor for advising investors to be careful about doing business in Nigeria.

Patel, a member of UK parliament accused President Muhammadu Buhari of cancelling a “compensation settlement” after the Nigerian government reneged on a natural gas development refinery contract with Irish firm, Process and Industrial Development (P&ID).

The lawmaker also said the Nigerian government flouts international law, refuses to respect court decisions, adding that “there has been no reduction in corruption since Buhari took office”.

Patel made her position known in an op-ed for London business newspaper, City A.M.

Reacting in a statement on Tuesday, Garba Shehu, presidential spokesman, described Patel’s claims as a “wicked proposition lacking in substance and devoid of merit in empirical evidence established by facts.

Read:What Saraki told visiting British envoy, Harriet Thompson


.



Her claim to the effect that despite the President’s public anti-corruption platform, Nigeria has not seen any reduction in corruption since Buhari took office, trumpeting a so-called Transparency International report is a false fabrication that cannot be supported by the facts on the ground.

By the time President Muhammadu Buhari was sworn in and took office, the only amount in the anti-corruption recovery account over 16 years of the Peoples Democratic Party, PDP was only two billion Naira (N2bn).

This account has succeeded in netting over four hundred billion Naira (N400 bn) as of today, translating to 1,360 percent increase. This cannot amount to nothing in terms of progress.

When it comes to policy decisions, this government has put in place instruments that have extraordinarily and unprecedentedly reduced corruption and corrupt practices.

The issue raised about the lack of security of investment is equally false and untenable. Nigerian has recognized the right of the investor, 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.

Killing, destroying people’s property not part of Jihad – Emir Sanusi


.



In addition to the constitution, there exist several laws allowing protection for investments. Beyond this, this administration has moved forward by recognizing arbitration processes. The judiciary in the country has a Practice Code to give legitimacy to awards and arbitration clauses in agreements.

Cumulatively, 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.

As for the specific case of the agreement in 2010, between the NNPC and the P&ID for a 20-year contract to create a new natural gas development refinery, which appears to be her main issue, a project that fell through after a past Nigerian government reneged on its contractual commitments, we do not wish to plead the government’s case in the press.

 

LATEST NEWS

MOST VIEWED

unknown