After a five-year legal battle, Nigeria has won a crucial victory when a UK court decided in favour of delaying the implementation of the $11 billion arbitration verdict issued to Process & Industrial Developments (P&ID).
The judgement, given via email by Justice Robin Knowles of the Commercial Courts of England and Wales, upheld Nigeria’s contention that the gas processing contract, which led to the hefty award, was obtained fraudulently.
In January 2017, a private arbitration tribunal had ordered Nigeria to pay $6.6 billion to P&ID, along with interest dating back to March 20, 2013. With the interest rate set at seven percent, this amount had escalated to over $11 billion by the time of the verdict.
More to come…
