The Business and Property Courts of England and Wales sitting in London is set to deliver judgement tomorrow in the case filed by Nigeria seeking the dismissal of an $11billion arbitration award in favour of Process & Industrial Development Ltd.
Justice Robin Knowles is scheduled to deliver judgement at 2pm,according to the courts’ cause list dated October 20.
The court will decide whether Nigeria is liable to pay the money which the British Virgin Islands incorporated company calls compensation for alleged breach of a gas contract.
A separate London court first issued a $6.6billion arbitration award against Nigerian in January 2017 after the firm accused the Federal Government of reneging on an alleged 2010 contract with the Ministry of Petroleum Resources to construct and operate a new gas processing facility in Calabar.
The award, P&ID lawyers claim, has grown to $11.4 billion on account of interest.
Nigeria approached the Business and Property…