Court to deliver judgment in Nigeria Vs P&ID case Oct 23

Court to deliver judgment in Nigeria Vs P&ID case Oct 23

A London court has fixed October 23 to give its verdict in a case between the Nigeria and Process & Industrial Developments (P&ID) Ltd.

P&ID had entered into an agreement with Nigeria in 2010 to build a gas processing plant in Calabar, Cross River state, but the company said the deal collapsed because the Nigerian government did not fulfill its end of the bargain.

It claimed Nigeria breached the terms of the contract and took a legal action. It secured an arbitral award against the country.

On January 31, 2017, a tribunal ruled that Nigeria should pay P&ID $6.6bn as damages, as well as pre-and post-judgment interest at seven per cent.

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Following the judgement, Nigeria applied for an extension of time and relief from sanctions.

The application was granted by Ross Cranston, a judge of the Business and Property Courts of England and Wales, in September 2020.

Nigeria had alleged that the gas deal was a scam conceived to defraud the country.

Lawyers representing the federal government told the court that P&ID officials paid bribes to secure the contract.

But P&ID denied the allegation and accused the Nigerian government of “false allegations and wild conspiracy theories”.

Court to deliver judgment in Nigeria Vs P&ID case Oct 23