Presidency Replies Ex-UK Secretary Over Warning Foreign Investors About Investing In Nigeria

The Presidency has replied the former United Kingdom Secretary of State for International Development, Priti Patel, over warning foreign investors to be careful when investing in Nigeria under President Muhammadu Buhari administration.

On Monday, November 19, 2018, Priti Patel, while reviewing the Nigerian president’s economic policies in an op-ed she wrote for City A.M, warned international investors to be careful about investing in Nigeria under President Muhammadu Buhari administration. Read the report HERE.

In a statement by Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, on Tuesday, November 20, 2018, in Abuja, the presidency said Trumpeting a so-called Transparency International report is a false fabrication that cannot be supported by the facts on the ground.

According to the statement, this wicked proposition by Patel is lacking in substance and devoid of merit in empirical evidence established by facts, adding that the issue raised about lack of security of investment was 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. 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,’’ it explained.

It added that in Patel’s main case of the 2010 agreement between “NNPC and P&ID for a 20-year contract to create a new natural gas development refinery, we do not wish to plead the government’s case in the press.”

“Suffice it to say that the government of Nigeria, in recognition of the sanctity of the judiciary, has submitted to the jurisdiction of a court in the United States to determine the issues in dispute.
“What we can only say at this point is that Nigerians need to pity their own country for the way things were done in the past.’’

The presidency stated that the project fell through after a “past Nigerian government reneged on its contractual commitments,

“Suffice it to say that the government of Nigeria, in recognition of the sanctity of the judiciary, has submitted to the jurisdiction of a court in the United States to determine the issues in dispute.

“What we can only say at this point is that Nigerians need to pity their own country for the way things were done in the past.’’

It observed that the Buhari administration had done well in policy decisions, saying that the administration had put in place instruments that had extraordinarily and unprecedentedly reduced corruption and corrupt practices.

According to it, the Buhari administration has achieved 1,360 percent cash recoveries in three years than the 16 years of the Peoples Democratic Party (PDP).

“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 was only N2 billion.
“This account has succeeded in netting over N400 billion as of today, translating to 1,360 per cent increase. This cannot amount to nothing in terms of progress.”

The statement also noted that the Treasury Single Account (TSA) had led to greater visibility and control of government funds by way of consolidating government resources in an account as against the past where such accounts were scattered.

It said that Bank Verification Number (BVN) scheme had equally helped the government to prevent money laundering, financing terrorism, and illicit cash transfers.

“This administration has introduced the IPPS, whose implementation has led to an extra-ordinary reduction of ghost workers, saving the treasury billions of naira, every month.
“The Whistle Blower mechanism put in place has yielded enormously to the treasury and reduced corruption.
“In addition to several and urgent legislations targeted at the reduction of corruption, the administration has equally signed highly rewarding Mutual Legal Assistance with countries that have translated to tremendous recoveries,’’ it said.

The government recalled that before the inception of the present administration, there existed a racket encompassing elements in the three arms of government, “through the activities of which artificial, engineered and factored breaches of contract were made.