President Muhammadu Buhari has described the arbitral award of $9.6 billion to Process and Industrial Development (P&ID) Limited as a scam and an attempt to defraud the country.
He stated this on Tuesday while addressing world leaders at the 74th Session of the United Nations General Assembly in New York, the United States.
P&ID, an Irish company, had recently obtained the judgment from the British court to secure $9.6 billion from Nigeria as a penalty for alleged breach of contract between the company and Nigeria in 2010.
The President said, “The present Nigerian government is facing the challenges of corruption head-on.
“We are giving notice to international criminal groups by the vigorous prosecution of the P&ID scam attempting to cheat Nigeria of billions of dollars.”
President Buhari decried the activities of organised criminal networks which he said were acting with impunity across international borders.
Noting that such crimes present new challenges where only collective action can deliver genuine results, he highlighted the battle against violent extremism, trafficking in people and drugs, corruption among others.