If Nigeria had lost P&ID case, it would have cost her $15bn

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Former president Mohammadu Buhari has said that Nigeria would have lost close to $15bn if she had lost the arbitration dispute with Process & Industrial Development in a London court on 23 October.

Titled ‘A Matter of Principle’, a long opinion written by the former president, Buhari highlighted how important it is to follow the legal process in resolving any dispute.

But ordinary Nigerians never took the decisions that ended up before Justice Knowles. Had Nigeria lost, it would have required schools not to be built, nurses not to be trained and roads not to repaired, on an epic scale, to pay a handful of contractors, lawyers and their allies – for a project that never broke ground.

The previous government could not supply the gas. The plant was never built. Construction was not started. P&ID did not even buy the land for the facility. But the contract, incredibly, was clear: P&ID could sue Nigeria, and claim all the profits it might have made over 20 years as if everything had been completed.

 

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