President Bola Tinubu has hailed a United Kingdom court judgment rendered by Judge Robin Knowles of the Business and Property Court in London, awarding victory to the Nigerian Government against Process & Industrial Development Limited (P&ID).
Tinubu described the judgement as a “victory for our long-exploited continent.”
According to him, “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.”
Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this in a statement he signed on Monday titled ‘President Tinubu applauds Nigeria’s landmark victory in P&ID Case’
Following Judge Knowles’ dismissal of the $11.5bn 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, the President commended the UK Court for prioritising the merits of the case above all other considerations.
“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.”
Praising the efforts of the defense team, Tinubu acknowledged the pivotal roles played by the Federal Ministry of Justice and the Office of the Attorney-General in safeguarding Nigeria’s interests.
“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,” he noted.
The case dates back to a 2010 agreement wherein P&ID pledged to build a gas processing plant in Nigeria.
However, the project never materialised, leading P&ID to sue for lost profits. The firm was granted the sizable award plus accumulated interest, which has since been a point of contention.
Monday’s judgment revolved around the grounds that the award to P&ID was obtained through fraudulent means.
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