Nigeria has emerged victorious in the protracted legal battle against the enforcement of the $11 billion arbitration award in favor of P&ID (Process & Industrial Developments Limited).
After more than five years of legal proceedings, a UK court ruled in favor of Nigeria in a judgment delivered by email.
Robin Knowles, Justice of the Commercial Courts of England and Wales, upheld Nigeria’s plea on the grounds that the gas processing contract in question was obtained through fraudulent means.
We had reported on Saturday that the much-awaited judgment would be delivered on Monday.
A private arbitration tribunal had on January 31, 2017 ordered Nigeria to pay $6.6 billion to P&ID plus interest beginning from March 20, 2013.
With the interest rate fixed at seven percent amounting to $1 million a day, the potential payment had accumulated to over $11 billion before the verdict.