President Bola Tinubu has applauded Monday’s judgment by Justice Robin Knowles of the Business and Property Court in London, awarding a landmark victory to the Federal Government of Nigeria in the $11billion arbitral award case by the Process & Industrial Development (P&ID) Limited.
Following Justice Knowles’ dismissal of the $11billion value of the award plus accumulated interest, previously won by P&ID over a failed 2010 deal to allegedly build a gas processing plant, on the grounds that the award was obtained by fraud, President Tinubu commended the UK Court for prioritizing the merits of the case above all other considerations.
The spokesman to the President, Ajuri Ngelale also quoted Tinubu as saying that, “This landmark judgment proves conclusively that nation states will no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials who conspire to extort and indebt the very nations they swear to defend and protect.
“Today’s victory is not for Nigeria alone. It is a victory for our long exploited continent and for the developing world at large, which has for too long been on the receiving end of unjust economic malpractice and overt exploitation.
“Nigeria is appreciative of the tremendous efforts of the defense team and acknowledges the role of the Federal Ministry of Justice and the Office of the Attorney-General in the process of defending Nigeria’s interest in this case.”
