BREAKING: Big Win As UK Court Rules in Favour of Nigeria Against P&ID $11 bn Suit

A ruling has been delivered in favor of Nigeria in the $11 billion suit against Process & Industrial Developments (P&ID) Limited, which marks a significant legal victory for the federal government of Nigeria.

The case revolved around a 2010 agreement in which P&ID was supposed to build a gas processing plant in Calabar, Cross River state, Nigeria. P&ID claimed that the deal collapsed due to Nigeria not fulfilling its end of the bargain.

Following the alleged breach of contract, P&ID initiated legal proceedings and secured an arbitral award against Nigeria. In January 2017, a tribunal ruled that Nigeria should pay P&ID $6.6 billion in damages, as well as pre- and post-judgment interest at 7 percent.

Nigeria subsequently applied for an extension of time and relief from sanctions, which was granted by a judge of the Business and Property Courts of England and Wales in September 2020.

During the legal proceedings, Nigeria alleged that the gas deal was a scam intended to defraud the country and claimed that P&ID officials had paid bribes to secure the contract.

This recent ruling by Judge Robin Knowles in favor of Nigeria suggests that the court found merit in Nigeria’s arguments or evidence, leading to a reversal of the previous arbitral award in favor of P&ID.

Today, Monday October 23, 2023 outcome is a substantial victory for Nigeria and a significant development in this long-standing legal dispute.