President Bola Tinubu has hailed the court ruling, which awarded a landmark victory to the Federal Government of Nigeria over Process & Industrial Development (P&ID) Limited.
Judge Robin Knowles of the Business and Property Court in London ruled in favour of Nigeria and quashed the enforcement of the $11 billion arbitration award in favour of P&ID.
Following the landmark ruling, President Tinubu, in a statement on Monday by his spokesman, Ajuri Ngelale, commended the UK Court for prioritizing the merits of the case above all other considerations.
He said the ruling has proved conclusively that nation-states will no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials.
President Tinubu added that today’s victory is not for Nigeria alone, but a victory for the long-exploited African continent and for the developing world at large.
The statement reads: “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 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.
“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 the process of defending Nigeria’s interest in this case.”