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$9.6b judgment: P&ID wants case settled amicably

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There appears to be a silver lining over the controversial $9.6billion judgment debt with a  son of the owner of Process and Industrial Developments (P&ID)  reaching out  to the Federal Government for an amicable resolution of the issue in dispute.

Adams Quinn, popularly called Adamu by his numerous friends from the North, is in contact with   government, sources said on Saturday.

He has proposed a meeting with   government in Madrid, Spain.

There were indications, on Saturday, that government was weighing all options, including a strong legal opinion that the case against P&ID was winnable.

A report has shown that the Irish founder of P&ID was a mechanic before moving into show business.

Bloomberg Businessweek revealed that he started as a military contractor.

He was said to have benefited from the cement armada in Lagos ports in the 70s before becoming an oil trader.

Although he registered P&ID in British Virgin Islands, the firm had no track record.

Investigation by our correspondent revealed that Adams was disturbed by the way the image of his late father, Michael Quinn, was being dragged in the mud after over 40 years of business in Nigeria.

It was learnt that a member of the Quinns family   has been central to the latest move to resolve the judgment debt.

A presidency source said: “There is a fresh offer from the son of the founder of P&ID  for fresh talks and negotiation with the Federal Government.  Adams Quinn is just interested in amicable resolution of the issue in dispute.

“He does not like the controversy over the $9.6billion judgment, especially the aspersions being cast on his family.

“From what he told the intermediaries, Adams position is that given over 40 years of business relationship between his father and Nigeria, the two parties can hold talks and resolve the matter.”

Responding to a question, the source added: “To build confidence in the two parties, Adams opted to meet with the government team in Spain.

“We are suspecting that Adams wants to handle the matter in a mature manner without the prying eyes of those fueling the controversy.”

Asked about the next step, the source added: “The government is weighing options because this is not the first time we had opened talks with P&ID and the firm has always reneged.”

Bloomberg Businessweek described the founder of P&ID  as a mechanic and   showbiz promoter.

The report indicated that he had infiltrated the Nigerian ruling class up to the extent of serving as a military contractor.

The report said: “Quinn grew up in Drimnagh, a tough neighborhood in Dublin. After leaving school as a teenager in the 1950s, he trained as a mechanic. An ordinary blue-collar life might have beckoned had one of his neighbors not started a show band, the Royal Olympics. These groups were unique to ’60s and ’70s Ireland: shiny-suited young men playing rock ’n’ roll or jazz, perpetually touring church halls and farm sheds to earn shoeboxes full of cash.

The Olympics needed a manager, and soon Quinn had a new career as one of the natty, ruthless handlers a BBC documentary labeled “men in mohair suits.” He ran some top acts: Daddy Cool & the Lollipops, Twink, Dickie Rock. An old friend recalls that he’d approach a singer and say, “How much are you earning? One hundred pounds a gig? I can get you 1,000.”

Quinn stuck with the industry for a while after the show bands’ popularity declined—newspaper reports suggest he arranged an Irish tour by Diana Ross and the Supremes—but there was more money to be made elsewhere.

“At some point in the ’70s he started working in Nigeria, either as an oil trader or a financier of cement deals, depending on which of the scattered accounts of his life you believe.

“He began profiting from a construction boom taking place in Lagos, which was then expanding with such chaotic abandon that hundreds of cement-bearing cargo ships were lined up at port waiting to dock.”

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