The Nigerian Government has applauded the court ruling which awarded a landmark victory to the Nigerian Government over Process & Industrial Development (P&ID) Limited.
Naija News earlier reported that Judge Robin Knowles of the Business and Property Court in London ruled in favour of Nigeria and quashed the enforcement of the $11 billion arbitration award in favour of P&ID.
Briefing State House correspondents at the Presidential Villa on Monday, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, expressed the government’s satisfaction with the court ruling.
The minister also described the judgment as a triumph against corruption and predatory international investors who are bent on taking undue advantage of the country’s generosity.
He disclosed that associates of P&ID had approached the Nigerian government for an out-of-court settlement last week.
Fagbemi said further hearings in the United Kingdom court will determine the costs to be paid by P&ID and other involved parties.
He, therefore, credited the success to the close collaboration between various government agencies.
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