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P&ID Scam Crumbles: How Tinubu's Tough Stance Saved Nigeria $11bn
The Business NG
|The BusinessNG
Nigeria's legal victory in the P&ID arbitration scandal is more than a courtroom success—it’s a defining moment in the country’s long battle against systemic corruption and exploitation by rogue corporate interests.
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At stake was a staggering $11 billion—roughly a quarter of Nigeria’s 2024 budget—threatening to derail fiscal stability and plunge the nation deeper into debt.
For over a decade, Process & Industrial Developments Limited (P&ID), a shadowy British Virgin Islands-registered firm, pursued a fraudulent arbitration award based on a failed 2010 gas processing agreement. But in a landmark ruling in October 2023, the UK High Court sided with Nigeria, affirming what many had suspected: the deal was rooted in deceit, bribery, and zero intent to execute.
Lateef Fagbemi, SAN, backed by Tinubu, held firm—a critical stance that reshaped the trajectory of the case.
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FLERE HISTORIER FRA The Business NG
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