BREAKING: Nigeria wins P&ID case, dodges $11bn judgement debt
A UK court has ruled in Nigeria’s favour in its case against Process & Industrial Developments (P&ID) Ltd.
In a ruling on Monday, the Business and Property Court in London agreed that the process through which P&ID secured a 2010 contract to build a gas processing plant in Calabar, Cross River State, was fraudulent.
“The awards were obtained by fraud,” Robin Knowles said while delivering judgement.
READ ALSO:
Nigeria had been in court with P&ID for several years since the company accused the Nigerian government of botching the deal by failing to provide gas to them.
In 2017, a tribunal ruled that Nigeria should pay the company $6.6 billion as damages and pay an interest of 7 percent.
Nigeria did not do this, and instead appealed the judgement. As of last week, the judgement sum had risen to $11 billion due to accrued interests.
Nigeria’s argument was that the gas deal P&ID was laying claim to was obtained through bribes to government officials.
Reps pass bill to strip Vice President, governors, deputies of immunity The House of Representatives…
Businessman collapses in court during trial over $578,000 cash seizure A businessman, Okorie Sunday, who…
Fire guts Onitsha market, many shops, goods destroyed A night fire at the popular Iweka Road,…
Security forces disperse rioters on Abuja expressway Security forces fired tear gas and gunshots on…
Bills to create 4 new states scale second reading at House of Reps The House of Representatives…
Tinubu signs South-West, South-South dev commission bills into law President Bola Tinubu has signed the south-west and…
