In response to the recent judgment by the Property Courts of England and Wales, which voided an $11 billion arbitration order against Nigeria, former President Muhammadu Buhari described the case brought by Irish firm Process and Industrial Developments Limited (P&ID) as an audacious heist attempt.
If Nigeria had lost the case, the country would have been liable for $15 billion. The case stems from a contract related to a failed gas processing facility.
The arbitration tribunal had originally ordered Nigeria to pay P&ID $6.6 billion in damages, which, with interest, amounted to nearly $11 billion. Buhari recollected how he tasked his former Chief of Staff, Abba Kyari, and Attorney General of the Federation, Abubakar Malami, to secure a fair hearing and explore a way out of the dispute.
This effort, supported by various agencies and government officials, unveiled significant evidence, including evidence of bribery and perjury by P&ID.
Buhari emphasized the importance of adhering to the legal process in resolving disputes and highlighted the successful outcome as a testament to the efficacy of the justice system.
The judgment is a crucial victory for Nigeria, preventing what the former president referred to as an unprecedented heist attempt, safeguarding the nation’s foreign reserves and public resources.
