PRES. TINUBU REACTS AS NIGERIA WINS A $11 BILLION P&ID CASE.

Babatunji Wusu –

President Bola Tinubu has praised the court decision that gave the Federal Government of Nigeria a significant win over Process & Industrial Development (P&ID) Limited.

Judge Robin Knowles of the London Business and Property Court found in Nigeria’s favor and invalidated the enforcement of the $11 billion arbitration award in P&ID’s favor.

Following the historic decision, President Tinubu praised the UK Court for putting the case’s merits above all other factors in a statement released on Monday by his spokesperson, Ajuri Ngelale.

He claimed that the decision had definitively shown that economic conspiracies involving private companies and solely corrupt officials would no longer hold nation-states hostage.

The triumph today is not just for Nigeria, said President Tinubu, but also for the rest of the developing world and the long-overexploited continent.

“This landmark judgment proves beyond a shadow of a doubt that nation-states will no longer be held hostage by economic conspiracies between private firms and solely corrupt officials who conspire to extort and indebt the very nations they swear to defend and protect,” the statement adds.

“Today’s triumph is not just for Nigeria. It is a win for our continent, which has long been exploited, as well as for the entire developing world, which has for far too long been the victim of unethical business practices and overt exploitation.

The Federal Ministry of Justice and the Office of the Attorney General both played a part in protecting Nigeria’s interests in this case, and Nigeria is grateful for their remarkable efforts.