After five years of legal battles, Nigeria has emerged victorious against Process & Industrial Developments (P&ID) Limited in a London court.
The court dismissed the $11 billion arbitration award in favour of P&ID, upholding Nigeria’s argument that the gas processing contract was obtained through fraud.
The ruling was delivered by Justice Robin Knowles of the Commercial Courts of England and Wales via email.
P&ID had entered into an agreement with Nigeria in 2010 to construct a gas processing plant in Calabar, Cross River State.
However, P&ID alleged that the Nigerian government did not fulfil its obligations under the contract, leading to its failure.
In response, P&ID sought legal redress and secured an arbitral award against Nigeria in January 2017, demanding $6.6 billion in damages along with pre- and post-judgment interest.
Nigeria claimed that the gas deal was a fraudulent scheme designed to defraud the country and accused P&ID officials of paying bribes to secure the contract.
In a March trial, Nigeria argued that the contract was procured through dishonest means, including bribery and perjury.
The case was subsequently sent back to arbitration, and the award has now risen to $11 billion due to accumulated interest.
P&ID has consistently denied Nigeria’s allegations and criticised the Nigerian government for making “false allegations and wild conspiracy theories.”
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Nigeria’s current situation lamentable — Anyaoku
Chief Emeka Anyaoku, a former Secretary-General of the Commonwealth has described the current situation in…
Bukola Saraki foundation covers Mr Ibu’s medical bills
The Abubakar Bukola Saraki Foundation has fully covered the medical expenses of the…
Hold my pastor responsible if anything happens to me — Chef Dammy
Ekiti-based Nigerian chef, Damilola Adeparusi, popularly known as Chef Dammy, has stated that her…
Why Tiwa Savage may not sing for more than a year
In a move reminiscent of Afrobeat sensation Tekno, renowned Nigerian singer Tiwa Savage is facing the prospect of…
How Gomba won 2023 Nigeria Prize for Literature
THE 2023 edition of The Nigeria Prize for Literature climaxed last Friday at Eko Hotel, Victoria Island, Lagos, with…
Kidney failure, also known as end-stage renal disease (ESRD), can have various causes, but the two main types are...
and then