Tinubu's Government to Receive £20m Within 28 Days From $11bn Court Case
- President Bola Tinubu-led federal government has been directed to receive £20 million in damages from the P&ID Limited
- A court in the United Kingdom directed P&ID Limited to pay the money to Nigeria after the success recorded by the country in the $11 billion judgment
- The company had prayed to the court to reduce the damages, and it should be paid in Naira, but the London court insisted that it was £20 million and should be paid in 28 days
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President Bola Tinubu-led government is expected to receive the sum of £20 million as damages and compensation from the Process & Industrial Developments (P&ID) Limited following the victory of Nigeria in an $11 billion court case.
According to Arise TV, a United Kingdom Court on Friday, December 8, directed the P&ID to pay the money to Nigeria following its loss in an $11 billion judgment debt case which was heard in October.
Source: Twitter
According to the UK court, the company must pay the money to Nigeria within the next 28 days.
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Why UK court awarded £20 million in favour of Nigeria?
The £20 million award was disclosed while the court was delivering a consequential ruling on the case that was heard in London on Friday to find out the next move after the October ruling.
The report also disclosed that the Friday hearing was also meant to find out if the P&ID can get permission to appeal the case.
According to the report:
“The court refused to grant P&ID permission to take the matter back to arbitration, saying that the company’s conduct during the process was reprehensible and therefore it completely set aside the $11 billion judgment."
The lawyer to the P&ID reportedly struggle at the court to ensure that the cost for damages were reduced and that it was paid in naira but the UK curt ruled that the organisation must pay Nigeria.
2024 budget: Obi explains why Tinubu, Shettima should suspend foreign trips
Legit.ng earlier reported that Peter Obi, the Labour Party flagbearer in the 2023 presidential election, has criticised the foreign trip budget of President Bola Tinubu and Vice President Kashim Shettima.
The former governor of Anambra state said though he did not have access to the budget yet, based on what is on the public domain.
Obi said the money budget for foreign trips by the presidency can be used to strengthen Nigeria's internal security.
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Source: Legit.ng
