The Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), said on Thursday, that the Federal Government had learnt lessons from the award of $9.6billion to the Irish firm, Process and Industrial Development (P&ID) by a British Court last year.
The minister stated this at a virtual international conference to mark the African Arbitration Day.
The event, according to a statement issued by his Special Adviser on Media, Dr. Umar Jibrilu Gwandu, was organised by British Institute of International and Comparative Law, Babcook University and the School of International Arbitration, at Queen Marry University of London.
The British court awarded the $9.6billion against Nigeria for alleged breach of a gas supply contract between the Federal Government and P&ID in 2010.
The federal government had launched moves to set aside the arbitral award in a higher British court.
The AGF said the whole saga associated with P&ID contract was a product of corruption, fraud, and non-compliance with processes and procedures.
Malami said: “The greatest lesson that is apparent arising from this, is to put our house in order by way of ensuring that we have in place standard operating procedures relating to each and every agreement that has the potential of affecting our national economy and national interest and ensure that the stated standard operating procedures are followed at the end of the day.
“We should also ensure that there are consequences for corrupt practices relating to the officials of the government that are saddled with the responsibility of processing agreements and ensuring at the end of the day that due processes and procedures are complied with.
“It is the component of tightening our situation within the context of compliances to procedures and ensuring that there are consequences for wrongdoings associated with officers that are found wanting or perhaps compromising along the line.”