EDIDIONG IKPOTO examines the possible repercussions an adverse ruling in the ongoing P&ID trial could have on Nigeria’s already strained economy
Judgment on the protracted legal tussle between Nigeria and hedge fund-backed Process & Industrial Development Ltd isn’t expected for at least several weeks; nonetheless, given the multiple beatings the Nigerian economy has suffered in recent memory, the stakes are hard to overstate with regard to what the consequences of an adverse ruling could mean for Africa’s largest economy.
The trial has its origin in a failed 2010 gas deal between Nigeria and P&ID, a British Virgin Islands-registered firm founded by two Irish businessmen.
The two Irish nationals – a former music manager, Michael Quinn (who died in 2015) and his business partner Brendan Cahill had been previously contracted to repair tanks and planes for the Nigerian military.
In 2010, P&ID was…
