President Tinubu said the judgement proved conclusively that nation states will no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials.

President Bola Tinubu has applauded the judgment rendered by Robin Knowles, the judge of the Business and Property Court in London, awarding a landmark victory to the Federal Government of Nigeria over a firm known as Process & Industry Development (P&ID) Limited.

Nigeria, on Monday, won its bid to overturn a $11.5 billion damages bill involving the controversial P&ID deal.

In a statement by his media aide, Ajuri Ngelale, on Monday, Mr Tinubu commended the UK court for prioritising the merit of the case above all other considerations.

The statement said, "Following Mr Knowles' dismissal of the $11.5 billion value of the award plus accumulated interest, previously won by P&ID over a failed 2010 deal to allegedly build a gas processing plant, on the grounds that the award was obtained by fraud, President Tinubu commends the UK Court for prioritising the merits of the case above all other considerations.

"This landmark judgment proves conclusively that nation states will no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials who conspire to extort and indebt the very nations they swear to defend and protect.

"Today's victory is not for Nigeria alone. It is a victory for our long exploited continent and for the developing world at large, which has for too long been on the receiving end of unjust economic malpractice and overt exploitation.

"Nigeria is appreciative of the tremendous efforts of the defence team and acknowledges the role of the Federal Ministry of Justice and the Office of the Attorney-General in the process of defending Nigeria's interest in this case."