P&ID loses final appeal against Nigeria in UK
The Process and Industrial Development (P&ID), an offshore firm, has lost its final appeal against Nigeria in an arbitration case.
According to Mail Online, a London court refused the appeal on Thursday. The company had approached the court to set aside an earlier judgement and enforce an $11 billion award against Nigeria.
Judge Robin Knowles of a London’s High Court found that the firm did not disclose the bribery when it took Nigeria to arbitrarion.
He rejected the arguments of the company and struck out the matter, effectively marking the end of the litigation as no option of further appeal is open to the engineering firm.
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Nigerian government was in court with P&ID for several years since the company approached an arbitration accusing the Nigerian government of failing in its contractual obligations to it in a shady gas deal. Nigeria lost in 2017 when the arbitration ordered a payment of $6.6 billion to P&ID as damages and a daily interest of 7 percent until the money was paid.
The Business and Property Court in London absolved Nigeria of any liability in October when the claim had matured to $11 billion in value.
Nigerian government successfully argued that the gas deal P&ID was laying claim to was got through bribery and unofficial channels.
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