‘Victory For Our Long Exploited Continent’ — Tinubu Welcomes Nigeria’s Win In $11.5bn P&ID Case

President Bola Tinubu has welcomed Nigeria’s landmark victory in the $11.5 billion P&ID case, calling it a victory for all of Africa and the developing world.

On Monday, the Business and Property Court in London dismissed P&ID’s claim against Nigeria, ruling that the $11.5 billion judgment debt and accumulated interest, which was previously won by P&ID over a failed 2010 deal to allegedly build a gas processing plant, was obtained by fraud.

The judgment was delivered by Justice Robin Knowles.

In a statement, Tinubu praised the UK court for prioritizing the merits of the case above all other considerations.

“This landmark judgment proves conclusively that nation states will no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials who conspire to extort and indebt the very nations they swear to defend and protect.

“Today’s victory is not for Nigeria alone. It is a victory for our long exploited continent and for the developing world at large, which has for too long been on the receiving end of unjust economic malpractice and overt exploitation,” Tinubu stated in a press release by Ajuri Ngelale.

Tinubu also commended Nigeria’s legal team and acknowledged the role of the Federal Ministry of Justice and the Office of the Attorney-General in defending the country’s interest in the case.

BACKGROUND

P&ID had entered into a contractual agreement with Nigeria in 2010 to construct a gas processing plant in Calabar, Cross River state.

However, the project faced complications as P&ID contended that the Nigerian government did not uphold its part of the agreement.

In response to the disputes, P&ID pursued legal action and was reported to have obtained an arbitral award against Nigeria.

On January 31, 2017, a tribunal ruled that Nigeria was liable to pay P&ID $6.6 billion in damages, along with pre- and post-judgment interest at a rate of 7 percent.

After the judgment, Nigeria submitted an application for an extension of time and relief from sanctions.

The application was approved by Ross Cranston, a judge of the Business and Property Courts, in September 2020.

In a subsequent trial held in March, Nigeria argued that the initial contract had been procured through illicit means, including bribery and perjury.

Nigeria further argued that the arbitration award, which had since escalated to $11 billion due to accrued interest, should be invalidated.