President Bola Tinubu has praised the decision made by Judge Robin Knowles of the Business and Property Court in London, which gave the Federal Government of Nigeria a historic win over the company known as Process & Industrial Development (P&ID) Limited.
President Tinubu applauds the UK court for putting the merits of the case above all other factors after Judge Knowles dismissed the $11.5 billion 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.
Nigeria Wins Legal Battle: Reverses $11 Billion P&ID Damages Award
“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 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 defence team and acknowledges the role of the Federal Ministry of Justice and the Office of the Attorney-General in defending Nigeria’s interest in this case,” the President stated.
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