Shehu Sani, a former Kaduna Central senator, said the Process & Industry Development (P&ID) Limited judgement should serve as a big lesson to the Nigerian government.
Posting on X, Sani wrote: 'It’s a big relief for Nigeria to win the P&ID case in London that would have led to the loss of $11 billion to a fraudulent deal. This should be a great lesson for the government on the need to exercise caution in the signing of deals with dubious foreign investors. Kudos to the legal team.' Nigeria on Monday won its case against P&ID. The victory comes after five years of legal fireworks.
The company had claimed it agreed with Nigeria to build a gas processing plant in Calabar, Cross River State, but the deal collapsed because the Nigerian government did not fulfil its end of the bargain. On January 31, 2017, a private arbitration tribunal ordered Nigeria to pay $6.6 billion to P&ID plus interest beginning on March 20, 2013. However, Nigeria asked a London High Court to deliver a judgement in its favour.
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