By Luminous Jannamike

ABUJA – Former member of the House of Representatives, Robinson Uwak, has lauded the decision of the British Commercial Court’s Business and Property Section, which nullified an $11 billion arbitral award against Nigeria, stating that it serves as a lifeline for the country’s depleted foreign reserves.

He further described the legal triumph as a wake-up call to reform both domestic and external contracting practices.

Recall that Justice Robin Knowles, presiding over the case, concluded that the massive arbitral awards were fraudulently obtained.

The manner of their procurement, he further stated, was contrary to public policy in Nigeria and thus merited the nullification.

Uwak, in a statement, explained that the implications of this court decision could be far-reaching, potentially ushering in much-needed reforms and aiding in Nigeria’s economic recovery.

He joined other well-meaning Nigerians to congratulate President Bola Ahmed Tinubu on this momentous victory.

“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 said.

Reflecting on the impact on Nigeria’s foreign reserves, Uwak, an ex-representative from Always Ibo state, posited; “This is a huge opportunity to save our foreign reserve, which has depleted considerably, and revamp the potency of the naira.”

The nullification of this $11 billion award is seen as a significant boost to the nation’s economic standing.

In light of this case, Uwak called for urgent reforms to reduce the country’s exposure to unnecessary international arbitrations.

“I consider this lifeline given to us as a huge opportunity to save our foreign reserve and revamp the potency of the naira,” he added.

He emphasized that such steps would be crucial to safeguarding the nation’s economic interests

As Nigeria continues to face numerous international arbitrations, Uwak called for urgent reforms.

“These issues must be addressed by urgent reforms as there are still pending international arbitrations involving Nigeria,” he stressed.