Nigeria has achieved a monumental legal victory, successfully overturning an $11 billion damages bill associated with a collapsed gas project. This remarkable success is attributed, in large part, to the vigilant and unwavering intervention of former Vice President Prof Yemi Osinbajo.
In a case that exemplified the devastating impact of greed and corruption, Nigeria had been ordered to pay Process & Industrial Developments (P&ID), a company based in the British Virgin Islands, a sum equivalent to around one-third of the nation’s foreign exchange reserves.
The pivotal moment in this case came when it was revealed that P&ID had engaged in bribery with a Nigerian oil ministry official during the gas contract’s signing in 2010. Crucially, P&ID had failed to disclose this corrupt act when initiating arbitration against Nigeria over the contract’s collapse.
Nigerian President Bola Tinubu has articulated his profound contentment with the recent legal verdict, underscoring its significance as a pivotal moment in which sovereign nations will no longer be vulnerable to economic intrigues orchestrated by private entities and unscrupulous officials. He heralded this outcome as a resounding victory for not only Africa but also the broader developing world, both of which have endured the weight of inequitable economic misconduct and exploitation for an extended duration.
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