“Today Victory Is Not for Nigeria Alone”: Tinubu Reacts As Nigeria Wins $11bn P&ID Case in UK Court
- President Bola Tinubu has reacted happily to London court's ruling in favor of Nigeria against P&ID,
- The court on Monday dismissed $11.5 billion award due to fraud in a 2010 gas processing deal
- Tinubu sees this as a victory for Nigeria, Africa, and the developing world, and discussed the lessons
President Bola Tinubu has welcomed Monday’s judgment of the Business and Property Court in London.
The court awarded a landmark victory to the Federal Government of Nigeria over a firm known as Process & Industrial Development (P&ID) Limited.
Source: Facebook
The judgment by Judge Robin Knowles dismissed 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.
Tinubu reacts to judgement
Speaking Tinubu said the judgement is not only a big lessons for corrupt businesses but also showed that countries will no longer be held hostage by economic conspiracies between private firms and corrupt officials, Punch reports.
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He made this known through a statement by his special adviser on media and publicity, Ajuri Ngelale.
In the statement, President Tinubu commended the UK Court for prioritising the merits of the case above all other considerations.
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 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."
Otedola strikes billion naira deal with Elumelu to exit Transcorp
Meanwhile, in another report, Legit.ng reported that Nigerian billionaire Femi Otedola ended the battle with Elumelu over control of Transcorp Plc.
Transcorp is a diversified conglomerate interested in energy, hospitality, and agriculture.
The mutual agreement saw Otedola receive a payout of N32.5 billion two weeks after spending N6 billion to acquire 2.6bn shares.
Source: Legit.ng
