Former president, Muhammadu Buhari, has hailed the recent victory in the $11 billion Process & Industrial Developments (P&ID) arbitration award dispute as thwarting an “attempted heist of historic proportions.”
In a statement titled ‘A Matter of Principle,’ Buhari expressed relief at the judgment delivered by Justice Robin Knowles of the Commercial Courts of England and Wales, who upheld Nigeria’s claim that the award was obtained through fraud.
The former president emphasized the gravity of the situation, stating, “This was an attempted heist of historic proportions, an attempt to steal from the treasury a third of Nigeria’s foreign reserves.”
He went on to highlight the efforts undertaken to uncover evidence of wrongdoing in the case.
He said; “We won, and all decent people can sleep easier as a result. Justice Robin Knowles said Nigeria had been the victim of a monstrous fraud. But it was a close-run thing. But ordinary Nigerians never took the decisions that ended up before Justice Knowles. Had Nigeria lost, it would have required schools not to be built, nurses not to be trained and roads not to repaired, on an epic scale, to pay a handful of contractors, lawyers and their allies – for a project that never broke ground.”
Buhari said amid the demand that Nigeria must pay the arbitration award, he tasked the late Abba Kyari, who was his chief-of staff then, and Abubakar Malami, former attorney-general of the federation, to look for ways Nigeria could get a fair hearing.
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