Title: "A matter of principle"
In recent times, a significant attempt was made by a handful to extract an enormous sum from the masses of Nigeria. The arbitration dispute with Process & Industrial Development (P&ID) in a London court held high stakes, potentially costing close to USD15 billion. Nigeria's victory, as declared by Justice Robin Knowles, revealed a monstrous fraud against the nation. Yet, it was a close call, with enormous resources required for the country to secure this triumph.
The situation predates my tenure, where a virtually unknown company, P&ID, secured a contract it never executed—a deal that could allow them to sue Nigeria for imagined profits. Despite pressures for settlement, my administration delved into the legal battle, unearthing evidence of bribery, perjury, and the illicit possession of Nigeria's confidential legal documents by P&ID.
This saga underscores the criticality of due legal process in dispute resolution. It warns against the need for improved contract standards and greater transparency in both public and private sectors. The victory over this audacious heist illuminates the ongoing battle against corruption, a battle not yet won but one that demonstrates the depths some will plunge for greed.
President Muhammadu Buhari, 2015-2023
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