President Bola Tinubu expressed admiration for Nigeria’s significant triumph in the $11bn P&ID arbitration case.
He specifically applauded Justice Robin Knowles of the Commercial Courts of England and Wales for meticulously prioritizing the merits of the case.
Tinubu underscored the profound implications of this judgment, stating that it goes beyond a mere legal win for Nigeria. Instead, he positioned it as a victory for the entire African continent and the broader developing world.
In his official statement, President Tinubu highlighted the broader impact of this ruling in dismantling economic conspiracies and shielding nations from unjust exploitation.
This outcome, in Tinubu’s view, sends a powerful message that sovereign states will no longer be held hostage by collaborations between private entities and corrupt officials seeking to exploit and indebt nations.
He emphasized the importance of this victory resonating across Africa, challenging longstanding practices of economic malpractice.
The President expressed gratitude for the tireless efforts of the defense team and acknowledged the pivotal role played by the Federal Ministry of Justice and the Office of the Attorney-General in safeguarding Nigeria’s interests throughout this case.
The court’s ruling, delivered by Justice Knowles, invalidated the initial P&ID arbitration award in favor of the company.
The judge concluded that the award was obtained through fraudulent means, providing legal grounds for Nigeria to halt its enforcement.
This legal saga dates back to January 2010 when P&ID signed a Gas Supply and Processing Agreement (GSPA) with Nigeria.
Following the failure of the deal in August 2012, P&ID sought a $5.96bn compensation, leading to arbitration proceedings in London.
The recent ruling not only safeguards Nigeria from a substantial financial burden but also sets a precedent for nations facing similar challenges, marking a historic moment in the realm of international arbitration.
