The Federal Government is currently involved in various court disputes for alleged contract breaches, and if Nigeria loses the cases, it may lose as much as N7.58 trillion in a collection of lawsuits launched against the government over the previous two years by domestic and foreign parties.
Abubakar Malami, the Attorney-General of the Federation and Minister of Justice, announced last week that the Federal Government had decided to settle a long-running $5.26 billion (N2.25 trillion) contractual dispute by paying a foreign investor $496 million (N212 billion,3 billion, using the official exchange rate of N428/dollar).
According to the government, Phillip Howell-Richardson was in charge of the International Chamber of Commerce’s Alternative Dispute Resolution process throughout the mediation sessions.
GOGAN Media.