Nigeria on Thursday secured a landmark victory in its pursuit to overturn a $10bn judgment awarded against it in a case against Process and Industrial Developments.
Delivering his judgment, Ross Cranston, a judge of the Business and Property Courts of England and Wales, said he granted Nigeria’s application for an extension of time and relief from sanctions based on the efforts of the Ibrahim Magu-led Economic Finance and Crime Commission in establishing fraud and corruption in the contract.The Nigerian Government had approached the court to establish that the contract was awarded on illegal terms.
"This directive was followed up by a comprehensive letter dated 28th June 2018 to the EFCC setting out facts and documents for the investigation. "As important as this matter is with its attendant threat to our national assets, the EFCC did not accord this presidential directive with any serious attention until a year after around July/August 2019 when the scale had already tilted dangerously against Nigeria,” Malami said in his petition.
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