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After a long, tortuous legal battle, it was a ‘sweet’ win for Nigeria yesterday, and a narrow escape from a hefty penalty over a failed 2010 deal to develop a gas processing plant in the country
Nigeria on Monday won its bid to overturn an $11 billion damages bill for a collapsed gas processing project it said was procured by a concerted campaign of bribery. The West African... -October 23, 2023 at 09:08 am EDT - MarketScreener
The Federal Government of Nigeria on Monday finally emerged victorious in its legal case against Process & Industrial Developments (P&ID) Limited in a United Kingdom (UK) court.
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In a March trial at the court, Nigeria alleged that the contract was secured through dishonest means that included bribery and perjury and that the arbitration award, which has now risen to $11 billion because of interests, should be quashed.