UK court dismisses $11bn P&ID arbitral award against Nigeria
Nigeria has won a case against Process and Industrial Developments (P&ID) in the United Kingdom after a London high court ruled in its favour in a case in the case marked CL-2019-000752.
Recall that Nigeria had been embroiled in a fight with P&ID over a failed 2010 deal to develop a gas processing plant over which it was inflicted a $9billion judgment which has now risen to $10billion.
P&ID claimed Nigeria violated terms of its agreement by failing to provide gas for the power plant it wants to build for the country.
The company claimed it entered into an agreement with Nigeria to build a gas processing plant in Calabar, Cross River State, but the deal collapsed because the Nigerian government did not fulfil its end of the bargain.
The Federal Government had asked the court to overturn an arbitration award in favour of P&ID which after accruing interest, was worth $11.5 billion.
Judge Robin Knowles of the Business and Property Court in London court which sat remotely and behind closed doors, ruled that the award were obtained by fraud and what has happened in the case is contrary to public policy.
Details later
