After an extended legal battle lasting over five years, Nigeria has achieved a significant victory as the UK court has ruled in favour of halting the enforcement of the $11 billion arbitration award awarded to Process & Industrial Developments (P&ID).
Justice Robin Knowles of the Commercial Courts of England and Wales delivered the judgment via email, affirming Nigeria’s argument that the gas processing contract, which led to the massive award, was procured through fraudulent means.
In January 2017, a private arbitration tribunal had ordered Nigeria to pay $6.6 billion to P&ID, along with interest dating back to March 20, 2013. With the interest rate set at seven percent, this amount had escalated to over $11 billion by the time of the verdict.
