PI&D case could have cost Nigeria $15 billion loss, says Buhari

PI&D case could have cost Nigeria $15 billion loss, says Buhari

Former President Muhammadu Buhari has revealed that Nigeria narrowly avoided a potential loss of $15 billion in its legal battle with Process & Industrial Development (P&ID) on October 23. Buhari shared this in an article posted on his official platform, several days after the case.

In his article titled “A Matter of Principle,” Buhari stated, “Rarely in modern times can so few have attempted to claim so much from so many. If Nigeria had not emerged victorious in the arbitration dispute with Process & Industrial Development in a London court on October 23, it would have resulted in a nearly $15 billion loss to our nation.”

He went on to underscore the significance of Nigeria’s triumph, asserting that it provided relief to the nation and its people. Justice Robin Knowles, who presided over the case, deemed Nigeria the victim of a colossal fraud. However, Buhari emphasized that the outcome was not guaranteed and the country’s successful defense required substantial resources.

“As the judge remarked, ‘I conclude this case with a keen awareness of how easily the outcome could have been different, and of the substantial resources that Nigeria, as the prevailing party, ultimately had to deploy to uphold its challenge,'” Buhari added in his article.