Nigerian presidency hails English court's verdict on $10bn P&ID case

Nigerian presidency hails English court's verdict on $10bn P&ID case

- The Nigerian presidency has hailed the English court judgement over P&ID case

- In a statement, the presidency described the process that led to the judgement as fair and right

- Presidency said the judgement will allow FG to provide sufficient evidence against fraudulent attempt to cheat Nigeria

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The federal government has hailed the judgement of Business and Property Courts of England and Wales which granted Nigeria’s application for an extension of time and relief over $10bn sanctions.

In a statement released on Friday, September 4, through the Twitter page of the Nigerian presidency, the federal government described the judgement as right and just.

Nigerian presidency hails English court's verdict over $10bn P&ID case

Nigerian presidency hails English court's verdict over $10bn P&ID case. Credit: Twitter (Nigerian Presidency).
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It would be recalled that $10bn sanction was imposed on Nigeria in a case in which Process and Industrious Development Limited (P&ID).

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The decision against Nigeria was taken after a controversial gas deal with the engineering and project management company.

On Friday, the English court granted Nigeria an extension of time and relief on the case, and the federal government has described the verdict as a landmark victory over attempts to cheat Nigeria by the other party involved.

"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 dollar by a company that had not invested one Naira in our country," part of the statement read.

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The federal government also hailed the process that led to the judgment of the English court and further added that it will enable Nigeria to provide sufficient ground to tackle what it termed as a fraud.

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Earlier, Legit.ng reported that minister of justice and attorney general of the federation, Abubakar Malami, has been accused of lying against former petroleum resources minister, Rilwan Lukman.

Lukman's family made this allegation against Malami and asked the justice minister to tender an apology as row continues over the latter's affidavit before the Commercial Court of England over the ongoing legal tussle involving P&ID.

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