Nigeria on Monday argued before a London High Court that the country was a victim of bribery and deception in the controversial Process and Industrial Developments (P&ID) gas deal.
Africa’s largest economy this week seeks to overturn the $11 billion debt judgement awarded in favour of the company.
The P&ID controversy dates back to January 2010 when the company signed a gas supply and processing agreement with the Ministry of Petroleum Resources on behalf of the Nigerian government.
Under the terms of the agreement, P&ID was to build and operate an Accelerated Gas Development project to be located at Adiabo in Odukpani Local Government Area of Cross River State. The Nigerian government was to source natural gas from oil mining leases (OMLs) 123 and 67 operated by Addax Petroleum and supply to P&ID to refine into fuel suitable for power generation in the country.
However, P&ID alleged that after signing the agreement, the Nigerian government reneged on its obligation…
