The Business and Property Court in London will on Monday, October 23 deliver judgment in the case between the Nigerian government and Process & Industrial Developments (P&ID) Limited over a failed gas deal.
Justice Robin Knowles will rule on Nigeria’s bid to overturn the $11 billion arbitration award secured by P&ID after a 2010 gas contract collapsed. Nigeria contends the deal was fraudulent and secured through bribes.
In January 2017, a tribunal had ruled Nigeria should pay P&ID $6.6 billion in damages plus interest, now accruing to $11 billion. Nigeria applied for an extension of time and relief from sanctions, which was granted in 2020, returning the case to arbitration.
At a March trial, Nigeria alleged P&ID officials bribed their way to get the gas plant contract and committed perjury. P&ID denied the accusations. Reports in September indicated P&ID representatives were seeking an out-of-court settlement with Nigeria.
The impending London court judgement could provide finality on the controversial award. Nigeria seeks to have it completely quashed amid allegations of criminality in P&ID’s conduct. The outcome will determine if Nigeria must pay damages over the botched gas agreement.
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