President Bola Tinubu has praised the judgment delivered by Judge Robin Knowles of the Business and Property Court in London which awarded a significant victory to the Federal Government in a case against Process & Industry Development (P&ID) Limited.
Judge Knowles dismissed the $11.5 billion award, which included accumulated interest, previously granted to P&ID over a failed 2010 deal to construct a gas processing plant.
The judge ruled that the award was obtained through fraudulent means.
Responding, President Tinubu commended the UK Court for prioritizing the merits of the case above all other considerations.
According to President Tinubu, this judgment conclusively demonstrates that nations will no longer be held hostage by economic conspiracies involving private firms and corrupt officials.
President Tinubu maintained that the conspiracies were aimed at extorting and indebting the very nation they claim to defend and protect.
President Tinubu emphasized that the victory was not only for Nigeria, but also for Africa and the developing world as the regions have long been victims of unjust economic malpractice and overt exploitation.
The President expressed his gratitude for the efforts of the defense team and acknowledged the role played by the Federal Ministry of Justice and the Office of the Attorney-General in safeguarding Nigeria’s interests throughout the case.
P&ID had agreed with Nigeria in 2010 to build a gas processing plant in Calabar, Cross River State, but the company alleged that the contract failed because the Nigerian government did not fulfill its end of the bargain.
Claiming Nigeria breached the terms of the contract, P&ID took a legal recourse and secured an arbitral award against the country.