The eight‑week trial in a United Kingdom court, where Nigeria seeks to have a massive arbitration award against hedge‑fund‑backed Process & Industrial Development Ltd. dismissed, has concluded. Bloomberg reported on Friday that the $11 billion case, which could cost Nigeria a third of its foreign reserves, featured allegations of six‑figure bribes, shady middlemen and fabricated evidence.
The dispute, Nigeria v. Process & Industrial Developments Ltd. (case number CL‑2019‑000752), is being heard in the King’s Bench Division of the High Court of Justice of England and Wales. The Federal Government is urging the court to set aside the arbitration award in favor of P&ID as quickly as possible. Throughout the trial, lawyers for both sides exchanged accusations of bribery, duplicity and incompetence, but no verdict has yet been rendered.
The contested arbitration award stems from a collapsed gas project. According to Law 360, which observed the proceedings, the oil and gas company’s counsel argued that the contract between P&ID and Nigerian officials reflects “Nigerian institutional incompetence” rather than fraud. In contrast, the Federal Government maintains that the firm secured the deal through dishonest means, specifically bribery. The original award of $6.6 billion, issued in London in 2017, has since risen to $11 billion with interest. If the award is upheld and enforced, the counsels involved could earn upwards of $825 million.
The Federal Government is represented by Mark Howard KC and Tom Pascoe of Brick Court Chambers, Philip Riches KC of Twenty Essex, and Sebastian Mellab and Tom Ford of Essex Court Chambers, instructed by Mishcon De Reya LLP. The defendants are represented by David Wolfson KC and Henry Hoskins of One Essex Court, and Alexander Milner KC and Max Evans of Fountain Court Chambers, instructed by Quinn Emanuel Urquhart & Sullivan LLP, with a team led by Nick Marsh, Ted Greeno and Marina Boterashvili.
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