- Presidential candidate Prince Adewole Adebayo congratulated Nigerians and the government for their victory in the $11 billion legal battle against P&ID
- A UK court invalidated the judgment, sparing Nigeria from paying the hefty sum to foreign fraudsters, with President Bola Tinubu emphasizing its broader significance
Prince Adewole Adebayo, the presidential candidate of the Social Democratic Party (SDP) in the 2023 presidential election, has extended his congratulations to Nigerians and the Federal Government for their victory in the $11 billion legal battle against the Process and Industrial Development (P&ID) company in a London court.
Nigeria secured this legal triumph against P&ID Limited, which had sought to enforce a $11 billion debt in its favour. The verdict came after five years of intense legal proceedings.
A UK court invalidated the enforcement of the judgment on the grounds that it was fraudulently obtained. Justice Robin Knowles of the Commercial Courts of England and Wales upheld Nigeria’s request to quash the judgment.
In his response to this significant development, Adebayo congratulated Nigerians, the Federal Government, and the Economic and Financial Crimes Commission (EFCC) for the just outcome of the Nigeria vs. P&ID case. He highlighted that this victory has spared the country from paying $11 billion to foreign fraudsters, a considerable sum that Nigeria can ill afford, and one that the fraudsters neither require nor deserve.
Similarly, President Bola Tinubu described this judgment as a victory for Nigeria and Africa and the developing world, which has endured unjust economic malpractice and overt exploitation for too long. This victory holds a broader significance beyond Nigeria’s borders.