The eight-week trial at a court in the United Kingdom where Nigeria requested the dismissal of the massive arbitration award in favour of hedge fund-backed Process & Industrial Development Ltd, has come to an end.
According to Bloomberg on Friday, allegations of six-figure bribes, shady middlemen and fabricated evidence featured in the $11 billion UK trial that could cost Nigeria a third of its foreign reserves.
The case is Nigeria v. Process & Industrial Developments Ltd., case number CL-2019-000752, in the King’s Bench Division of the High Court of Justice of England and Wales, where the Federal Government is praying the UK High Court to dismiss the arbitration award in favour of P&ID as soon as possible.
Lawyers for both sides traded allegations of bribery, duplicity and incompetence during the trial.
A verdict has not been reached on the matter.
The arbitration award that Nigeria is contesting is over…
