BREAKING! Nigeria is free from $9 billion foreign Debt | READ DETAILS
Thompson Nsisongabasi
Sep 04, 2020
Nigeria has won its case against the Process & Industrial Developments Limited and will no longer pay the $9 billion judgment debt.
READ ALSO: Gov. Uzodimma Dumps Current Deputy Gov., Unveils New Running Mate
Recall that in August 2019, a British judge ordered the Nigerian government to pay $9 billion in assets to the firm.
READ ALSO: "Ikwuano Locked Down For Alex Otti" - Monday Ubani SAN Sends Strong Message To Opposition
The P&ID had reached a deal with the Nigerian government in 2010 to build a natural gas plant - but the deal fell through two years later. The firm then sued the government for failing to provide the gas or install the pipelines it had promised to build.
READ ALSO: Church threatens to sue newspaper over 'defamatory' publication
The firm was first awarded $6.6bn (£5.4bn) in 2017, but the London court added $2.4bn in interest.
READ ALSO: COVID-19(Abia): Uzoma Ihuka reaches out to constituents with food items
In a judgment on Friday, Judge Ross Cranston of the High Court of Justice Queen's Bench Division Commercial Court, London, United Kingdom, granted grant Nigeria's applications for an extension of time and relief from the sanctions.
READ ALSO: TRAG!C: How 20 children were killed in Niger school fire | READ DETAILS
He held that P&ID "has contributed to the delay, and it will not by reason of the delay suffer irremediable prejudice in addition to the mere loss of time if the application is permitted to proceed. Although not a primary factor, fairness in the broadest sense favours an extension in this case."
SOURCE
Related Stories
Bloodbath At Wedding: Bandits Kill 13, Abduct Many In Midnight Attack In Kaduna Community
"Ikwuano Locked Down For Alex Otti" - Monday Ubani SAN Sends Strong Message To Opposition
Mother's Day: Abia Government Liaison Officer Honours Women, Says Mothers Shape Future Leaders
Why ICPC Is Prosecuting Mike Ozekhome Over a London Property Deal That Has Shaken Nigeria's Legal Circle | READ DETAILS
Ofuji Ndị Igbo Sets 2026 Agenda, Promises Greater Community Engagement
How a Catholic Priest Slumped and Died While Delivering Homily in Delta Church
""
— Thompson Nsisongabasi