• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Business and Property Court’s judgment on P&ID elates Tinubu

P&ID

The Matters Press by The Matters Press
October 24, 2023
Reading Time: 3 mins read
0
Tinubu inaugurates economic council

Abuja, Oct. 24, 2023: The Minister of Information and National Orientation, Mr Mohammad Idris, said on Monday that President Bola Tinubu was elated by UK court’s reversal of $11 billion awarded against Nigeria.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Idris stated this while fielding question from the state house correspondent at the end of the weekly Federal Executive Council (FEC), held at the presidential villa, Abuja.

” Let me reiterate that Nigeria actually saved $11.6 billion by that singular judgment. You recall that this is not a case that was instituted against this administration.

” It is against the Federal Government of Nigeria over the years. The government of President Bola Tinubu inherited it but dealt with it judiciously and expeditiously. It ensured that all legal mechanisms were put in place to get us to win that case.

” So, it was actually a very delightful moment during the Federal Executive Council meeting when the news filtered in that Nigeria had indeed won this case. And of course, as expected, the President was very elated.

” So also were members of the Finance Council. We’re all very happy that that news filtered in and this is one direction that Mr president is going ensuring that things are dealt with expeditiously, responsibly and with utmost responsibility.”

The Business and Property Court in London presided over by Justice Robin Knowles of the Commercial Courts of England and Wales has quashed the 11 billion dollars awarded against Nigeria in a case filed by the Process and Industrial Developments Company, (P&ID).

Judge Knowles held that the award was obtained by fraud and that what had happened in the case was contrary to public policy.

The court also declared that it did not find any merit in the charges of bribery levelled against a former Attorney-General of Lagos State, Mr Olasupo Shasore, SAN, who represented Nigeria in the arbitration.

The case marked: CL-2019-000752, the Federal Government sought to overturn $6.6 billion arbitration awarded in favour of P&ID in 2017.

The award had continued to accrue interest since then, rising to approximately $11 billion before the judgment.

President Bola Tinubu, on Monday extolled the judgment rendered by Judge Robin Knowles of the Business and Property Court in London.

The court awarded a landmark victory to the Federal Government of Nigeria over a firm known as Process and Industry Development (P&ID) L.td.

Tinubu made the commendation in a statement by his Special Adviser, Media and Publicity, Chief Ajuri Ngelale.

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.

Tags: P&IDTinubu
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post
NCDMB to host local content investment forum

NCDMB, others top PEBEC 2023 Executive Order Compliance

Poverty in West Africa increases by 3%

Nigeria gets $5bn humanitarian, poverty alleviation trust fund

Recommended Stories

El-Rufai makes progress in education, others

Kaduna state records 82.2% budget performance

February 1, 2023
SON alerts on second hand gas cylinders

Price of cooking gas rattles residents

November 6, 2023
Experts validate Nigeria’s implementation strategies for success under AfCFTA

Businesses count losses cash crunch bites harder

February 20, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us