JUST IN: Nigeria Wins As UK Court Dismisses $11 Billion P&ID Suit

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.

PUNCH