In a significant win for Nigeria, a United Kingdom court has ruled in favor of the Nigerian Government, ordering Process & Industrial Developments Limited (P & ID) to pay £20 million in damages and compensation. The court’s decision marks a major development in the prolonged $11 billion case between the Nigerian Government and P & ID.
According to Arise News, the UK court’s ruling mandates P&ID to pay the Nigerian Government the £20 million damages within 28 days. Despite P&ID’s request for an appeal on the currency at which they were to settle the payment to Nigeria, the court denied their appeal. As a result, P&ID is required to fulfill the payment to Nigeria within the stipulated timeline.
This ruling comes after Nigeria’s recent triumph in October of this year, where the country successfully defended itself against P&ID in the $11 billion debt case. Notably, P&ID had sought fresh arbitration to revive their claims against Nigeria concerning an alleged breach of a 2010 gas supply agreement. However, the High Court in London ruled that the arbitration could not proceed as long as the 2023 judgement remained in place.
On October 23, 2023, Justice Robin Knowles of the Commercial Courts of England and Wales halted the award enforcement, affirming Nigeria’s assertion that it was obtained through fraudulent means, which contravened Section 68 of the English Arbitration Act 1996. The judge’s verdict uncovered that P&ID had indeed paid bribes to Nigerian officials involved in drafting the gas supply and processing agreement (GSPA) in 2010.
The UK court’s decision to order P&ID to pay £20 million in damages is a testament to Nigeria’s commitment to upholding the rule of law and combating fraudulent practices. This ruling not only serves as a significant legal victory for Nigeria but also sends a strong message about the country’s stand against corrupt activities that undermine legitimate agreements.
The outcome of this case underscores Nigeria’s dedication to preserving the integrity of international business dealings and signifies a step in the right direction towards ensuring a fair and just global economic landscape.
