President Bola Tinubu has praised a UK court’s judgment delivered by Judge Robin Knowles of the Business and Property Court in London, which ruled in favor of the Nigerian Government in its case against the firm, Process & Industrial Development Limited (P&ID).
Tinubu described the judgment as a “victory for our long-exploited continent” and emphasized that it shows that nation-states will no longer be held hostage by economic conspiracies between private firms and corrupt officials. The president commended the UK Court for prioritizing the merits of the case above other considerations.
He stated, “Today’s victory is not for Nigeria alone. It is a victory 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.”
Tinubu acknowledged the pivotal roles played by the Federal Ministry of Justice and the Office of the Attorney-General in safeguarding Nigeria’s interests and appreciated the efforts of the defense team.
The case in question dates back to a 2010 agreement between P&ID and the Nigerian government to build a gas processing plant, which was never realized. P&ID sued for lost profits, resulting in a substantial award, plus accumulated interest. Monday’s judgment revolved around the grounds that the award to P&ID was obtained through fraudulent means.
This ruling is seen as a significant development in favor of the Nigerian government and its efforts to protect the nation’s interests in international legal disputes.