A United Kingdom Court has awarded the Nigerian Government £20 million in damages and compensation in the $11 Billion case with Process & Industrial Developments Limited, P & ID.
According to Arise News, the court ruled that P&ID must pay the Nigerian Government the £20 million damages within 28 days.
“. . . But the court ruled that they must pay £20 million to Nigeria, which must come in 28 days. Then came the request for appeal. Their request for an appeal on the currency at which they were going to pay Nigeria was also denied. So, in 28 days, P&ID must pay Nigeria at least 20 million pounds”, Arise News said.
DAILY POST recalls that in October this year, Nigeria won against P&ID over a $11 billion debt case.
P&ID had filed for fresh arbitration to revive their claims against Nigeria for an alleged breach of a 2010 gas supply agreement.
However, the High Court in London ruled that the arbitration could not proceed as long as the 2023 judgement remained in place.
On October 23, 2023, Robin Knowles, justice of the Commercial Courts of England and Wales, halted the award enforcement by upholding Nigeria’s prayer that it was obtained by fraud and violated Section 68 of the English Arbitration Act 1996.
The judge found that P&ID had paid bribes to Nigerian officials involved in drafting the gas supply and processing agreement (GSPA) in 2010.
