A former member of the House of Representatives from Akwa Ibom State, Hon. Robinson Uwak has congratulated President Bola Ahmed Tinubu over the victory of Nigeria at the British Commercial Court, Business and Property Section which, on Monday nullified the arbitral award of $11 billion (with accumulated interests) against Nigeria.
In the judgment, Justice Robin Knowles found that the arbitral awards were obtained by fraud and that the manner of their procurement was contrary to public policy in Nigeria deserving nullification.
In a statement made available to newsmen in Abuja on Wednesday, the former lawmaker said, “the voiding of the sum, which would amount to half of our over N11 trillion, is a welcome relief to our dear country, Nigeria at a time of severe economic and social difficulties.”
Uwak, who is a businessman and former representative for Oron, Mbo, Okobo, Ure-Offong/Okobo and Udung-Uko Federal Constituency of Akwa Ibom State, said he considered the lifeline given to Nigeria as a huge opportunity to save the foreign reserve, which has depleted considerably and revamp the potency of the naira.
“I equally see this as a mild rebuke to our domestic and external contracting where breaches are rife, and the corruption among some cadres of the civil service.
“These, we must address by urgent reforms as there are still pending international arbitrations involving Nigeria,” he said in the statement and congratulated the President and Nigerians for the victory.
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