Toba Owojaiye Reporting
Nigeria has scored a significant economic victory in London against P&ID (Process and Industrial Developments), putting an end to their audacious attempt to seize $11 billion from the country’s foreign reserves. This landmark decision, celebrated as one of the most positive economic events of the year, promises to inject much-needed optimism into Nigeria’s economic landscape.
The Business and Property Court in London, presided over by Justice Robert Knowles, ruled in Nigeria’s favor, highlighting the fraudulent nature of the 2010 contract secured by P&ID to build a gas processing plant in Cross River State. The court deemed the entire process and the resulting awards as contrary to public policy and a product of fraud.
Senator Ben Bruce, a prominent Nigerian politician and media mogul, commended this victory, emphasizing that it unlocks previously frozen funds. However, he urged the government to resist the temptation to utilize this windfall to defend the Naira through subsidizing the dollar for imports.
Instead, he stressed the importance of directing these resources toward tangible infrastructural and economic development. The message is clear: to strengthen the Naira, there must be a shift towards supporting and promoting domestically produced goods with the hashtag #BuyNaijaToGrowTheNaira.
The victory in London not only brings relief to Nigeria but also underscores the need for careful and judicious use of national resources to foster economic growth. This triumph paves the way for further legal successes in cases involving the country. It is indeed a cause for celebration and optimism in Nigeria’s economic future.
This historic decision is a reminder of the significance of upholding the rule of law, even on an international scale, and serves as a beacon of hope for a more prosperous Nigerian economy in the years to come.