Mohammad Idris, who serves as the Minister of Information and National Orientation, has announced that President Bola Tinubu expressed great joy over the recent decision by a UK court to overturn the $11 billion judgment against Nigeria.
Idris made this statement when he addressed questions from journalists at the conclusion of the weekly Federal Executive Council (FEC) meeting, which took place at the Presidential Villa in Abuja on Monday.
He emphasized, “I want to emphasize that Nigeria actually saved $11.6 billion due to this single verdict. It’s important to note that this case wasn’t initiated during the current administration’s tenure. It was a legal matter involving the Federal Government of Nigeria over several years. President Bola Tinubu’s government inherited this issue and handled it judiciously and promptly. They ensured that all legal processes were meticulously followed to secure a favorable outcome.”
Idris went on to describe how the atmosphere during the Federal Executive Council meeting was filled with delight upon hearing the news that Nigeria had indeed won the case. The President, as well as members of the Finance Council, expressed their joy. The victory underscored President Tinubu’s commitment to addressing issues promptly, responsibly, and with the utmost diligence.
It’s worth noting that the judgment, which had imposed an $11 billion penalty on Nigeria in a lawsuit brought by the Process and Industrial Developments Company (P&ID), was overturned by a Business and Property Court in London, presided over by Justice Robin Knowles of the Commercial Courts of England and Wales over the weekend.