The Commercial Courts of England has ruled in favor of Nigeria in the over five-year long $11 billion arbitration award involving process and industrial developments.
In a judgment delivered by email, Robin Knowles, justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
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.
P&ID had dragged the country to court over a failed 2010 deal to develop a gas processing plant, accusing Nigeria of violating terns of agreement by failing to provide gas for the power plant it wants to build.
