We welcome the ruling by a London Court to grant Nigeria reprieve to appeal the $9bn judgement debt that the country allegedly owes Process and Industrial Development, P&ID. The ruling would offer Nigeria an opportunity to state its own side on the matter.
We believe that Nigeria will win the case and save the country billions of dollars and commend the EFCC and the Nigerian team led by the Hon. Attorney General who had gone to court to establish that the contract was awarded on illegal terms.
This latest ruling by Judge Ross Cranston in a London Court noted that, “Nigeria had established a strong prima facie case that the GSPA was procured by bribes paid to insiders as part of a larger scheme to defraud Nigeria.”
Recall that on 31st January, 2017 a court in London had ruled that Nigeria should pay P&ID $6.6bn as damages including a pre and post judgement interest at seven percent. The outstanding is estimated to be in the region of $10bn.
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