The Buhari Media Organisation (BMO) has applauded Nigeria’s landmark victory of in the $10Billion lawsuit instituted by Process and Industrial Developments (P&ID), a foreign company, over a gas supply and processing agreement with Nigeria in 2010.
In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO recalled that the company had claimed that Nigeria breached the terms of the contract, following which it took legal action and secured an arbitral award of $10Billion against Nigeria.
“Following this arbitrary award Nigeria appealed the judgement and provided sufficient evidence that the entire process was marred with malpractices and bribery, hence rendering the contract a nullity.
“In fact, Nigerian lawyers informed the court, presided by Ross Cranston, a judge of the Business and Property Courts of England and Wales, that P&ID officials paid a bribe to get the contract.
“Having reviewed the case as presented by the Nigerian legal team, the judge on Thursday granted Nigeria’s application and granted Nigeria an extension of time and relief from sanctions”.
The Buhari Media Organisation says it considers the judgement a victory for Nigerians and President Muhammadu Buhari administration whose single-minded determination and commitment ensured that Nigeria is not ripped off by a foreign company.
The group noted that “President Muhammadu Buhari has brought a new philosophy to governance as decisions and policies are made for the overall interest of the people, rather than narrow, selfish interests.
“We hope that with the reversal of the phoney award, P&ID and its collaborators will see the futility of using corruption to secure phoney contracts and then turn round to seek for a pay-off in foreign jurisdictions”, the statement added.