The Nigerian authorities says the nation’s triumph within the $11.5 billion case in opposition to Process and Industrial Developments Limited (P&ID) in a London court docket has liberated its belongings and international businesses from the threats they confronted previously years.

The Business and Property Court in London on Monday halted the enforcement of the $11bn arbitration award in favour of P&ID in opposition to Nigeria in a case marked CL-2019-000752.

In a judgment delivered by Justice Robert Knowles, it was held that the method by which P&ID secured a 2010 contract to construct a gasoline processing plant in Calabar, Cross River State, was fraudulent.

It was delivered after 5 years of authorized frameworks which have lastly been to the benefit of Nigeria, because the court docket quashed the $11 billion arbitration award in favour of P&ID.

The Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi, stated this on the State House, Abuja.

He famous that “the UK High Court ruled that Nigeria’s challenge to the arbitration award granted against it to an obscure hedge-fund backed BVI shell entity P&ID in 2017 has been successful.”

He stated that “the outcome of the P&ID case in court was not only a win for Nigeria but also set a precedent against comparable fraudulent actions aimed at others.”

The Attorney-General of the federation defined that regardless of dragging the federal government to court docket for an settlement it entered into with the Ministry of Petroleum Resources to determine a gasoline processing plant in Calabar, P&ID by no means secured any land website.

Fagbemi additional stated that there could be additional hearings by the UK court docket on the heels of the judgment to find out prices payable by P&ID and different issues.

“The Arbitral Award had over the years placed the assets of the FRN and those of its agencies all over the world at the risk of attachment, erosion of foreign reserves and distortion of monetary, fiscal and other policies of government with attendant dire consequences for Nigeria and its people,” he stated.

Fagbemi stated for “the present administration, “It has been a night of long knives! This success marks the culmination of over a decade of legal action and is not just a victory for the people of Nigeria, but any similar target of corruption and fraud.”

He referenced the phrases of Mark Howard KC, lead counsel for the federal authorities, which he stated, the court docket endorsed, noting: “P&ID was exactly the type of entity that was prepared to engage in bribery’, to achieve its aims – to undermine the administration of justice in Nigeria in the pursuit of, ‘riches beyond the dreams of avarice.”

Fagbemi stated that “the profitable result’s a decisive victory for the individuals of Nigeria who stood to lose over US$11 billion, and for the Nigerian administration which has now reached a milestone in its mission to problem the scourge of corruption.

“The judgment also serves as a damning indictment of predatory international investors, who should now rightfully be deterred from preying upon Nigeria and other developing nations to satisfy their greed.”

“P&ID and its associates each Nigerians and foreigners alike, shamelessly tried to defraud the nation and enrich themselves by sharing the FRN’s privileged paperwork, fraud, bribery and corruption on an industrial scale. Those efforts, which happened over a few years, have lastly been uncovered for all to see.

“It is imperative to point out that several agents of P&ID made overtures to the Government for settlement of this case. However, the resolve of the administration of President Bola Ahmed Tinubu not to go hands gloves with fraudulent counterparties or condone corruption informed the position of the FRN to hold fast to its position and not settle. Indeed, earlier this morning, the President at the opening ceremony of the Nigeria Economic Summit Group, reiterated this cardinal position of his administration.”

“History has been made right now, as this judgment is little doubt vital within the annals of Nigeria and certainly Africa. This judgment has vindicated the federal government and will function a pointer to others who could be nursing or nurturing any plan to swindle Nigeria.

“The success recorded was as a result of the close inter-agency collaboration of the FGN Team comprising the Office of the Honourable Attorney General of the Federation (HAGF)/ Federal Ministry of Justice (FMoJ), Economic & Financial Crimes Commission (EFCC), Nigerian Police Force (NPF), Central bank of Nigeria (CBN), Ministry of Petroleum Resources (MPR), the Nigerian National Petroleum Company Limited (NNPCL) Department of State Security (DSS) and the Nigeria Financial Intelligence Unit (NFIU)”, Fagbemi stated.