FG could lose N7.58 trillion due to legal issues and damages

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.