The candidate of the Social Democratic Party (SDP) in the 2023 presidential election, Prince Adewole Adebayo, has congratulated Nigerians and the Federal Government for winning the $11 billion legal battle with the Process and Industrial Development (P&ID) company in a London court.
Nigeria, on Monday, won its case against P&ID Limited, which sought enforcement of $11 billion debt in its favour.
The development comes after five years of intense legal battle.
A UK court on Monday quashed the enforcement of the judgment on the grounds that it was fraudulently obtained.
In a ruling, Robin Knowles, the Justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer that the judgment should be quashed.
Reacting to the development, Adebayo wrote: ” I heartily congratulate Nigerians, the Federal Government and the EFCC on well deserved justice in the Nigeria vs P&ID case which would have robbed poor Nigerians of US$11bn we don’t have to pay foreign fraudsters who neither need nor deserve it.”
President Bola Tinubu described the judgment as a victory for Africa.
““Today’s victory is not for Nigeria alone. It is a victory for our long exploited continent and for the developing world at large, which has for too long been on the receiving end of unjust economic malpractice and overt exploitation,” he said in a statement by his spokesman, Ajuri Ngelale.