After a protracted legal battle spanning over five years, Nigeria has achieved a significant victory by putting a stop to the enforcement of an $11 billion arbitration award in favor of P&ID (Process and Industrial Developments).
Justice Robin Knowles of the Commercial Courts of England and Wales delivered the judgment via email, granting Nigeria’s request on the grounds that the problematic gas processing contract was procured through fraudulent means.
The original ruling from a private arbitration tribunal, issued on January 31, 2017, had compelled Nigeria to pay $6.6 billion to P&ID, along with interest dating back to March 20, 2013.
The interest rate, set at seven percent, translated to a staggering daily accrual of $1 million, leading to the total potential payment of over $11 billion prior to this latest legal development.
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