Nigeria has won a major victory in its bid to overturn an $11 billion arbitration award in favour of Process & Industrial Developments (P&ID).
In a judgment delivered by email on Monday, Robin Knowles, justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
This victory follows over five years of legal battles between the Nigerian government and the firm.
Recall that in January 2017, a private arbitration tribunal ordered Nigeria to pay $6.6 billion to P&ID plus interest beginning from March 20, 2013.
With the interest rate fixed at seven percent, amounting to $1 million a day, the potential payment accumulated to over $11 billion.
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