The enforcement of the $11 billion arbitration ruling, which had previously been in favor of P&ID, has now been suspended after more than five years of legal fireworks.
The Justice of the Commercial Courts of England and Wales, Robin Knowles, upheld Nigeria's plea in a decision sent by email on Monday.
On the grounds that the doomed gas processing contract was gained by fraud, Knowles rendered judgment in Nigeria's favor.
In a statement written by his spokesperson, Ajuri Ngelale, and praising the ruling, Tinubu declared that "Nigeria will no longer be held hostage."
According to Ngelale, Tinubu stated that "this landmark decision proves beyond a shadow of a doubt that nation states will no longer be held hostage by economic conspiracies between private firms and solely corrupt officials who conspire to extort and indebt the very nations they swear to defend and protect."
"Today's triumph is not just for Nigeria. It is a win for the poor world as a whole, which has for too long been the victim of overt exploitation and unfair economic practices, as well as for our long-exploited continent.
"Nigeria is appreciative of the tremendous efforts of the defense 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," the President said.
On January 31, 2017, a private arbitration tribunal ordered Nigeria to pay the astonishing sum of $6.6 billion to P&ID plus interest going back to March 20, 2013, among other things.
The potential payment had accrued to almost $11 billion before the verdict, with the interest rate set at 7%, or $1 million every day.