President Bola Ahmed Tinubu has praised the judgment delivered by Judge Robin Knowles of the Business and Property Court in London on Monday, which marked a significant victory for the Federal Government of Nigeria in a case involving Process & Industry Development (P&ID) Limited.
The court dismissed the $11.5 billion (USD) award plus accumulated interest previously granted to P&ID over a failed 2010 deal to construct a gas processing plant. The ruling was based on the finding that the award was obtained through fraud.
In a statement released by his spokesperson, Ajuri Ngelale, President Tinubu commended the UK Court for prioritizing the case’s merits above all other factors.
“This groundbreaking judgment unequivocally demonstrates that sovereign nations will no longer be manipulated by economic conspiracies between private companies and corrupt officials who collude to exploit and indebt the very countries they pledge to defend and safeguard,” the President remarked.
He emphasized that the victory was not only for Nigeria but also for the entire continent and the developing world, which has long been subjected to unfair economic practices and blatant exploitation.
President Tinubu expressed gratitude for the dedicated efforts of the defense team and acknowledged the crucial role played by the Federal Ministry of Justice and the Office of the Attorney-General in safeguarding Nigeria’s interests throughout the case.