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.
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.