Jubilation as Nigeria Floors P&ID in UK Court; Court Grants Relief From $10bn Fine
chuks oti
Sep 04, 2020
Nigeria has secured a landmark victory in its pursuit to overturn a $10 billion judgement awarded against it in a case against Process and Industrial Developments (P&ID).
READ ALSO: "Ikwuano Locked Down For Alex Otti" - Monday Ubani SAN Sends Strong Message To Opposition
Delivering his judgement on Thursday, Ross Cranston, a judge of the Business and Property Courts of England and Wales, granted Nigeria's application for an extension of time and relief from sanctions.
READ ALSO: Bloodbath At Wedding: Bandits Kill 13, Abduct Many In Midnight Attack In Kaduna Community
On January 31, 2017, a tribunal had ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre- and post-judgment interest at 7 percent.
READ ALSO: Facts You Need To know About Mohbad's Wife
The current outstanding amount is estimated at $10 billion.
READ ALSO: Mother's Day: Abia Government Liaison Officer Honours Women, Says Mothers Shape Future Leaders
The Federal Government had approached the court to establish that the contract was awarded on illegal terms.
Nigeria's lawyers told the court in July that P&ID officials paid bribes to get the contract.
READ ALSO: Council Elections: INEC Speaks On Underage Voting In Kano
P&ID reportedly entered a gas supply and processing agreement with Nigeria in 2010.
READ ALSO: Senator Danladi Sankara Hails Affirmation Of Tinubu's Victory By Supreme Court
Claiming Nigeria breached the terms of the contract, it took a legal recourse and secured an arbitral award against the country.
READ ALSO: OBASANJO CRIES OUT, "NIGERIA MORE DIVIDED NOW THAN DURING THE CIVIL WAR"
Nigeria has been making moves to overturn the judgement and has gotten court clearance to request documents from a P&ID stakeholder and review bank statements of ex-President Goodluck Jonathan, Diezani Alison-Madueke and Rilwanu Lukman, former ministers of petroleum.
READ ALSO: Ofuji Ndị Igbo Sets 2026 Agenda, Promises Greater Community Engagement
The Economic and Financial Crimes Commission (EFCC), on August 18, arraigned James Nolan, a Briton, and six companies over their alleged involvement in the contract.
READ ALSO: How a Catholic Priest Slumped and Died While Delivering Homily in Delta Church
Credits
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
""
— chuks oti