UK Court grants Nigeria relief to appeal $10 billion fine

A London arbitration court has offered Nigeria more time in a $10 billion arbitration case involving Process and Industrial Developments (P&ID).

Delivering his judgement on Thursday, September 3, 2020, 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.

With this ruling, Nigeria has secured a landmark victory in its pursuit to overturn a $10 billion judgment awarded against it in 2017 by a tribunal.

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.

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The Federal Government of Nigeria in its move to overturn the judgement, approached the court to establish that the contract was awarded on illegal terms.

credit: shutterstock

It has secured the court’s clearance to request documents from a P&ID stakeholder and review bank statements of former President, Goodluck Jonathan, as well as that of former petroleum ministers, Diezani Alison-Madueke and late Rilwanu Lukman.

Earlier in the year, the Economic and Financial Crimes Commission (EFCC), had arraigned James Nolan, a Briton and six companies over their suspected involvement in the contract.

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