Lateef Fagbemi, attorney-general of the federation and minister of justice, says the victory secured by Nigeria in the Process & Industrial Developments Limited litigation will serve as a deterrent for those seeking to swindle the country.
With the interest rate fixed at seven percent amounting to $1 million a day, the potential payment had accumulated to over $11 billion before the verdict., Robin Knowles, justice of the Commercial Courts of England and Wales, halted the enforcement of the $11 billion P&ID award and upheld Nigeria’s prayer on the ground that it was obtained by fraud.
“This judgment has vindicated the government and should serve as a pointer to others who might be nursing or nurturing the plan to swindle the country.”The AGF said the company’s agents made efforts to settle the case out of court “as of last week”. “Those efforts, which took place over many years, have now finally been uncovered for all of us to see.
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