$11bn debt: Nigeria wins case against P&ID

Share This Now!

The Federal Government of Nigeria has emerged victorious in a longstanding legal battle against the Process and Industrial Developments Company (P&ID). In the case marked CL-2019-000752, the Nigerian government had sought to overturn an arbitration award that favored P&ID, which had accrued an interest of $11 billion over the years.
The company had alleged that it entered into a contract with the Nigerian government to construct a gas processing plant in Calabar, Cross River State, back in 2010.
However, the deal ultimately collapsed due to the failure of the Nigerian government to fulfill its end of the agreement.
The case has been a matter of great concern for the Nigerian authorities and has been making headlines for several years now. The country had been facing the prospect of a substantial payout to P&ID, which could have had severe implications for the Nigerian economy.
However, the recent ruling by the London High Court in favor of the Nigerian government is a significant relief and an important victory for the country. The ruling is a result of the tireless efforts of the Nigerian legal team, which had argued that the arbitration award was procured by fraudulent means.
The court agreed with Nigeria’s arguments and declared the award to be “manifestly excessive” and “corruptly obtained.” The court also ordered P&ID to pay the Nigerian government £70,000 as costs.
The ruling is expected to have far-reaching consequences not just for Nigeria but for other African countries as well.
It sends a strong message that foreign companies cannot engage in fraudulent conduct and expect to get away with it. The ruling is also expected to boost investor confidence in Nigeria and other African countries by demonstrating that the legal systems in these countries are capable of protecting the interests of all parties involved.

ALSO READ:  Climate Change: See the powerful message Buhari sends to world leaders
Get a premium automobile insurance coverage for your vehicle for as low as #15000 only and claim up to #3,000,000 in damages @Zenith Insurance To signup: WhatsApp/Call: +2349028313757
Share This Now!
FOR PUBLICATION OF ARTICLES, EVENT COVERAGE AND ADVERT PLACEMENT: WHATSAPP: +2349059502662

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Us Now