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Tinubu Lauds Nigeria’s Victory In P&ID Case

 

President Bola Tinubu has applauded the judgement of a UK court which ruled in favour of Nigeria in the decade long legal battle to stop the enforcement of a massive $11 billion arbitration award in favour of P&ID.

Judge Robin Knowles of the Business and Property Court in London, had ruled that the P&ID gas company contract with Nigeria was a fraud and the company had intention of performing it.

Tinubu, reacting to the ruling in a statement by his Special Adviser on Media and Publicity Ajuri Ngelale on Monday, commended the UK Court for prioritizing the merits of the case above all other considerations.

He said, “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 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.”

P&ID had secured a $9.6 billion award against Nigeria following the non-execution of a 20-year gas and supply processing agreement (GSPA) it had with the federal government.
Under the terms of the agreement, P&ID was to build and operate an Accelerated Gas Development project to be located at Adiabo in Odukpani Local Government Area of Cross River State.

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The firm sued Nigeria before a U.K court that authorised the P&ID, and secured a ruling in its favour over the failed gas contract.
Last September, Ross Cranston of the UK Business & Property Courts (commercial court) granted Nigeria’s application for a stay of execution of the award of $8.9 billion (about N3.2 trillion) in favour of P&ID.

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