By Jimmy
The Nigerian Government has applauded the court ruling which awarded a landmark victory to the Nigerian Government over Process & Industrial Development (P&ID) Limited.
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 favor 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.
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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.
