The Nigerian State has hailed its historic victory in the decade-long legal battle against a British company – Process & Industrial Developments (P&ID) in a collapsed gas project.

On Monday, a judge at London’s High Court overturned an 11-billion-dollar damages bill after it said the firm exemplified the ravages of greed and corruption.

Nigeria was previously ordered to pay the sum of 6.6 million to Process & Industrial Developments.

Judge Robin Knowles found that P&ID had paid bribes to a Nigerian oil ministry official in connection with the gas contract signed in 2010, and had failed to disclose this when it later took Nigeria to arbitration over the collapse of the deal.

President Bola Tinubu defined the ruling as a major boost for Nigeria’s economy, which is saddled with mounting debt, currency depreciation, and high inflation among others.

Lateef Fagbemi is Nigeria’s Attorney General.