President Bola Tinubu has hailed the judgment by Judge Robin Knowles of the Business and Property Court in London against a firm known as Process and Industry Development (P&ID) Ltd.
The court awarded a landmark victory to the Federal Government of Nigeria on Monday.
Reacting through his Special Adviser, Media and Publicity, Chief Ajuri Ngelale, Tinubu said the judgment proved conclusively that nation-states would no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials.
Ngelale said, “Following Judge Knowles’ dismissal of the $11.5 billion (USD) 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 commends the UK Court for prioritizing the merits of the case above all other considerations.
“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.”
He said the victory was not for Nigeria alone, adding that it was a victory for the long-exploited continent.
“And for the developing world at large, which has for too long being 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,” the president was quoted as stating.
He said the judgment proved conclusively that nation-states would no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials.
Ngelale said, “Following Judge Knowles’ dismissal of the $11.5 billion (USD) 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 commends the UK Court for prioritizing the merits of the case above all other considerations.
“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.”
He said the victory was not for Nigeria alone, adding that it was a victory for the long-exploited continent.
“And for the developing world at large, which has for too long being 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,” the president was quoted as stating.
