In a significant legal victory after over five years of intense legal proceedings, Nigeria has successfully halted the enforcement of the $11 billion arbitration award in favor of P&ID.
Justice Robin Knowles of the Commercial Courts of England and Wales delivered the judgment by email, granting Nigeria’s request on the basis that the ill-fated gas processing contract was obtained through fraudulent means.
This long-awaited judgment, reported by TheCable, signifies a pivotal moment in the complex legal battle that has lingered for years. In a private arbitration tribunal ruling on January 31, 2017, Nigeria had been ordered to pay $6.6 billion to P&ID, with interest accruing from March 20, 2013. The interest rate, fixed at seven percent, had resulted in a potential payment exceeding $11 billion before this verdict.
Nigeria’s successful challenge of the legitimacy of the arbitration award marks a significant development in the ongoing legal dispute, with profound implications for the country’s financial and legal landscape.
