Nigeria’s Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has hailed the recent legal triumph against Process and Industrial Development (P&ID) Limited as a warning to potential fraudsters eyeing the nation.
This landmark victory in a UK court effectively concludes a legal battle that began in 2017 when Nigeria was initially ordered to pay $6.6 billion to P&ID, with daily interest charges accumulating to over $11 billion.
The ruling by Justice Robin St. John Knowles of the United Kingdom Commercial Court stated that the award was procured through fraud and in violation of public policy. AGF Fagbemi described the judgement as a victory for not only Nigeria but also for anyone who might be a target of corruption and fraud.
The AGF’s statement underscored the egregious misconduct of P&ID, noting that the award was obtained through severe abuses of the arbitral process. The court recognised P&ID as an entity willing to engage in bribery and unethical practises to attain its goals, effectively undermining the administration of justice in Nigeria.
This legal win marks a significant milestone in Nigeria’s battle against corruption and should act as a deterrent to predatory international investors.
The P&ID case unveiled a lengthy history of fraudulent activities, the sharing of privileged documents, and large-scale corruption in a bid to defraud Nigeria. The ruling serves as a stern indictment of such practices and a blow to those seeking to exploit developing nations for their own gain.
The victory is not only a financial relief but also a validation of Nigeria’s fight against fraudulent dealings. The AGF highlighted that further hearings will occur in the UK court to determine costs payable by P&ID and address other relevant matters.
This success paves the way for a more robust stance against corruption, protecting not just Nigeria but other nations from similar predatory actions.
Source: Channels TV