Nigeria has won its bid to overturn an $11 billion damages bill involving the controversial Process & Industrial Developments (P&ID) deal.
Nigeria claims that the collapsed gas processing project was procured by a campaign of bribery and fraud.
Nigeria has now succeeded in halting the enforcement of the $11 billion arbitration award in favour of P&ID.
In a judgment Monday, a UK court upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
Process & Industrial Developments (P&ID) was awarded a 20-year contract in 2010 to construct and operate a gas processing plant.
Upon the failure of the deal, the little-known British Virgin Islands-based company took Nigeria to arbitration over the deal.
Details later…
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