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Nigeria had moved to nullify the arbitral award of $9.6 billion made in 2017 in favour of P&ID but had ballooned to $11 billion for an alleged breach of a gas supply and processing agreement.
The Federal Government has won its case against Process & Industrial Developments (P&ID) Limited, which sought enforcement of $11 billion debt in its favour. The development comes after five years of intense legal battle. A UK court on Monday quashed the enforcement of the judgment on the grounds that it was fraudulently obtained. In a…
President Bola Tinubu has lauded Nigeria’s win in the $11bn Process & Industrial Developments (P&ID) Limited arbitration award.
Nigeria has successfully overturned an $11 billion arbitration award favoring Process & Industrial Developments (P&ID). | Pulse Nigeria
Lateef Fagbemi, attorney-general of the federation (AGF) and minister of justice, says the victory Nigeria secured over Process & Industrial Developments (P&ID) Limited is for the country's poor.