President Bola Tinubu hails the recent verdict delivered by Judge Robin Knowles of the Business and Property Court in London.
The judgment signifies a monumental victory for the Federal Government of Nigeria in its legal dispute against Process & Industrial Development (P&ID) Limited.
After Judge Knowles’ decision to annul the $11.5 billion award, which included accrued interest, previously granted to P&ID due to a failed 2010 gas processing plant venture, President Tinubu commends the UK Court for its unwavering commitment to prioritizing the case’s merits over all other considerations.
He underscores the profound implications of this landmark ruling, stressing that it conclusively demonstrates that nation-states will no longer be held hostage by economic conspiracies involving private entities and corrupt officials who collaborate to exploit and financially burden the very nations they are sworn to serve and protect.
Tinubu emphasizes that this victory extends far beyond Nigeria’s borders, as it serves as a triumph for the entire African continent and the developing world, which have long endured unjust economic practices and blatant exploitation.
The President expresses deep appreciation for the diligent efforts of the legal defense team and acknowledges the crucial roles played by the Federal Ministry of Justice and the Office of the Attorney-General in safeguarding Nigeria’s interests throughout this legal battle.
