London—Nigeria has won its case against the Process and Industrial Developments Company, P&ID.
In the case marked CL-2019-000752, the Federal Government sought to overturn an arbitration award in favour of P&ID which has now accrued interest worth $11 billion.
The company had claimed it entered into an agreement with Nigeria to build a gas processing plant in Calabar, Cross River State, but the deal collapsed because the Nigerian government did not fulfil its end of the bargain.
A London High Court has now delivered judgement in Nigeria’s favour.
Meanwhile, President Bola Tinubu has applauded the judgement by Judge Robin Knowles of the Business and Property Court in London, awarding a landmark victory to the Federal Government of Nigeria over a firm known as Process & Industrial Development (P&ID) Limited.
The Daily Post reports that following Judge Knowles’ dismissal of the $11.5 billion 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 prioritising 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.
“Today’s victory is not for Nigeria alone; it is for our long-exploited continent and for the developing world at large, which has for too long been on the receiving end of unjust economic malpractice and overt exploitation.
“Nigeria is appreciative of the tremendous efforts of the defence team and acknowledges the role of the Federal Ministry of Justice and the Office of the Attorney-General in defending Nigeria’s interest in this case,” the President stated.
