The Presidency has described the judgement granted by a United Kingdom (UK) Court in favour of Nigeria in the $10 billion arbitration matter with the Process and Industrious Development Limited (P&ID) as right and just.
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The Business and Property Court of England and Wales presided over by Ross Cranston, on Friday granted a pronouncement in favour of Nigeria, against P&ID.
Nigeria had applied for an extension of time and relief from sanctions in the $10 billion arbitration case.
The application was granted by the court.
Reacting to the judgement in a statement by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, on Friday, the Presidency welcomed the judgement, adding it had clearly shown that earlier $10 billion judgement debt was an attempt to defraud Nigeria.
“The Presidency welcomes the judgment by the UK Court granting Nigeria’s application for an extension of time and relief from sanctions in a $10 billion arbitration case with Process and Industrious Development Limited (P&ID) in Nigeria.
“In our view, the judgment is right, just and provides a strong prima facie case that the fraudulent gas deal with P&ID and the subsequent judgment debt of $10 billion against Nigeria was a clear attempt to cheat the country of billions of dollars by a company that had not invested one Naira in our country,” the statement said.
It further said the arbitration award is a source of huge satisfaction that the UK Court, among others, had given some of the rulings.
The Presidency, however, expressed delight with the processes that led to the outcome in the English Court, noting it has given relief to Government to further protect Nigeria’s national assets from criminally-minded organisations and individuals.
“The views of the UK court thus provide sufficient grounds for the Federal Government to go ahead and challenge the frauds perpetrated by the company and overturn the arbitration award.
“President Muhammadu Buhari therefore commends the team of lawyers who represented Nigeria in the matter with P&ID, and reassures all well-meaning Nigerians and the international community of his unwavering commitment to fight corruption in all its forms and manifestation,” the statement said.
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