A United Kingdom (UK) Court has granted Nigeria a landmark victory in its pursuit to overturn a $10 billion judgement awarded against it in a case against Process and Industrial Developments (P&ID).
While delivering his judgement on Thursday, Ross Cranston, a judge of the Business and Property Courts of England and Wales, granted Nigeria’s application for an extension of time and relief from sanctions.
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On January 31, 2017, a tribunal had ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre- and post-judgment interest at 7 percent.
The current outstanding amount is estimated at $10 billion but the Federal Government had approached the court to establish that the contract was awarded on illegal terms.
P&ID reportedly entered a gas supply and processing agreement with Nigeria in 2010.
Claiming Nigeria breached the terms of the contract, it took a legal recourse and secured an arbitrarily award against the country.
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