The Presidency has welcomed 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.
On January 31, 2017, a tribunal had ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre- and post-judgment interest at 7 percent. The current outstanding amount is estimated at $10 billion.
But the Federal Government approached the court to establish that the contract was awarded on illegal terms. Nigeria’s lawyers told the court in July that P&ID officials paid bribes to get the contract.
However, Sir Ross Cranston, a judge of the High Court of Justice, Queen’s Bench Division of England, delivering his judgement on Friday, granted Nigeria’s application for an extension of time and relief from sanctions.
“Nigeria has established a strong prima facie case that the Gas Supply and Processing (GSPA) was procured by bribes paid to insiders as part of a larger scheme to defraud Nigeria,” the UK Court ruled.
“There is also a strong prima facie case that that (P&ID) main witness in the arbitration, Mr Quinn, gave a perjured evidence to the Tribunal, and that contrary to that evidence, P&ID was not in the position to perform the contract.”
Reacting in a statement on Friday, Femi Adesina, the President’s Media Aide, described the arbitration award as “a source of huge satisfaction”, adding that the judgement validates Nigeria’s claim that the fraudulent gas deal and the subsequent $10 billion judgement debt was an attempt by P&ID to cheat the nation of billions of dollars.
“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 dollars by a company that had not invested one Naira in our country,” Adesina noted.
“The Presidency expresses delight with the processes that led to this outcome in the English Court, noting that it has given relief to @NigeriaGov to further protect our national assets from criminally-minded organisations and individuals.
“The views of the UK court thus provide sufficient grounds for the Federal Government to go ahead and challenge the frauds perpetrated by the company and overturn the arbitration award.”
President Muhammadu Buhari, according to the statement, further hailed the team of lawyers who represented Nigeria in the case.
“President @MBuhari therefore commends the team of lawyers who represented Nigeria in the matter with P&ID, and reassures all well-meaning Nigerians and the international community of his unwavering commitment to fight corruption in all its forms and manifestation,” the statement added.
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