The Minister of Information and National Orientation, Alhaji Mohammad Idris, said on Monday that President Bola Tinubu was elated by UK court reversal of $11bn awarded against Nigeria.
Idris stated this while fielding questions from the State House correspondents at the end of the weekly Federal Executive Council (FEC), held at the presidential villa, Abuja.
“Let me reiterate that Nigeria actually saved $11.6bn by that singular judgment. You recall that this is not a case that was instituted against this administration.
“It is against the Federal Government of Nigeria over the years. The government of President Bola Tinubu inherited it but dealt with it judiciously and expeditiously. It ensured that all legal mechanisms were put in place to get us to win that case.
“So, it was actually a very delightful moment during the Federal Executive Council meeting when the news filtered in that Nigeria had indeed won this case. And of course, as expected, the President was very elated.
“So also were members of the Finance Council. We’re all very happy that that news filtered in and this is one direction that Mr president is going, ensuring that things are dealt with expeditiously, responsibly and with utmost responsibility.”
A Business and Property Court in London, presided over by Justice Robin Knowles of the Commercial Courts of England and Wales, had quashed the $11 billion awarded against Nigeria in a case filed by the Process and Industrial Developments Company, (P&ID).
Judge Knowles held that the award was obtained by fraud and that what had happened in the case was contrary to public policy.
The court also declared that it did not find any merit in the charges of bribery levelled against a former Attorney-General of Lagos State, Mr Olasupo Shasore, SAN, who represented Nigeria in the arbitration.
In the case marked: CL-2019-000752, the Federal Government sought to overturn $6.6 billion arbitration awarded in favour of P&ID in 2017.
The award had continued to accrue interest since then, rising to approximately $11 billion before the judgment.
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