UK court dismisses P&ID appeal, upholds £43m award in favour of Nigeria

07/15/2024 9

A Court of Appeal in the United Kingdom has dismissed Process & Industrial Development’s (P&ID) appeal on a previous judgment that halted the enforcement of an $11 billion award against Nigeria, in a unanimous decision.
Recall that the dispute began when P&ID entered into a 2010 agreement to build a gas processing plant in Calabar, Cross River State, which the company claimed failed due to the Nigerian government’s non-fulfillment of its obligations, however, the Nigerian government alleged that the deal was a fraudulent scheme aimed at defrauding the country.
Following the collapse of the agreement, P&ID sought legal recourse and obtained an arbitral award of $6.6 billion, which with interest, later amounted to $11 billion.
The UK court, however, ordered P&ID to pay Nigeria £43 million in legal fees and disbursements, with the judgment published on the UK judiciary website following the court’s decision.

Written by: bossgmsi

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