FG May Lose N7.58tn To Contract Disputes, Damages

The Federal Government is facing several court cases over alleged breach of contract and a compilation of suits filed against the government by local and foreign entities in the past two years may see Nigeria losing over 7.58 trillion naira if the nation loses the cases.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, announced that the Government had agreed to pay a foreign investor 496 million dollars about 212.3 billion naira, using the official exchange rate of 428 naira per dollar to settle a long-standing 5.26 billion dollars contractual dispute.

The government also added that the mediation proceedings were under the Alternative Dispute Resolution framework of the International Chamber of Commerce led by Phillip Howell-Richardson.

According to the government, the settlement agreement came into effect on 19 August 2022.