In a major development in the long-running legal battle between Nigeria and Process & Industrial Developments Limited (P&ID), a UK court has awarded Nigeria £20 million in damages and compensation.
The ruling marks another significant victory for Nigeria following the quashing of P&ID’s fraudulent $11 billion arbitration award in October 2023.
“P&ID lawyers tried to limit the amount payable to Nigeria as damages and fought for payment in naira,” reported Arise News Channel.
“However, the court ruled that P&ID must pay £20 million to Nigeria within 28 days. Their request for an appeal on the currency was also denied.”
Following Nigeria’s historic victory in October, P&ID had attempted to revive their claims through fresh arbitration. However, the High Court in London ruled that the arbitration could not proceed while the 2023 judgement remained valid.
In October 2023, Justice Robin Knowles had ruled that the $11 billion award obtained by P&ID was fraudulent and violated the English Arbitration Act 1996. His judgement revealed that P&ID had bribed Nigerian officials involved in the 2010 gas supply and processing agreement (GSPA) and illegally possessed privileged legal documents during arbitration hearings.
“The court refused to grant P&ID permission to take the matter back to arbitration, saying that the company’s conduct during the process was reprehensible and therefore it completely set aside the $11 billion judgement,” Arise News Channel added.
P&ID is currently seeking permission to appeal the October 2023 judgement. This latest ruling awarding £20 million to Nigeria further strengthens the country’s position in the case and serves as a testament to its commitment to fighting corruption and defending its interests.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
