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.
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.
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.