The Nigerian government has welcomed a recent court ruling that marked a significant milestone in the legal battle against Process & Industrial Development (P&ID) Limited. As previously reported, Judge Robin Knowles of the Business and Property Court in London delivered a ruling in favour of Nigeria, effectively nullifying the enforcement of the contentious $11 billion arbitration award in favour of P&ID.
Speaking to State House correspondents at the Presidential Villa on Monday, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, conveyed the government’s satisfaction with the court’s decision. Fagbemi underscored the judgment as a legal triumph and a significant blow against corruption and exploitative international investors who seek to capitalize on the nation’s goodwill.
In a significant revelation, the minister disclosed that representatives of P&ID had initiated discussions with the Nigerian government for a potential out-of-court settlement the previous week. Emphasizing the ongoing legal process, Fagbemi highlighted that further hearings in the United Kingdom court would determine the exact costs to be borne by P&ID and other involved parties.
The Attorney General attributed this significant legal victory to the cohesive collaboration between various government agencies, emphasizing the collective effort in combating corruption and defending Nigeria’s interests on the international stage.
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