The Business and Property Court in London has fixed October 23 to deliver verdict in a case between the federal government of Nigeria and Process & Industrial Developments (P&ID) Ltd.
The judgment will be delivered by Robin Knowles, a judge.
P&ID had entered into an agreement with Nigeria in 2010 to build a gas processing plant in , Cross River state, but the company said the deal collapsed because the Nigerian government did not fulfill its end of the bargain.
Claiming Nigeria breached the terms of the contract, P&ID took a legal recourse and secured an arbitral award against the country.
On January 31, 2017, a tribunal ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre-and post-judgment interest at 7 percent.
Following the judgement, Nigeria applied for an extension of time and relief from sanctions.
The application was by Ross Cranston, a judge of the Business and Property Courts of England and Wales, in September 2020.
Nigeria had alleged that the gas deal was a scam conceived to defraud the country.
Lawyers representing the federal government told the court that P&ID officials .
But P&ID denied the allegation and accused the Nigerian government of “false allegations and wild conspiracy theories”.
WITH INTERESTS, AWARD NOW $11 BILLION
In a March trial at the court, Nigeria that the contract was secured through dishonest means that included bribery and perjury and that the arbitration award, which has now risen to $11 billion because of interests, should be quashed.
In September, TheCable that representatives of P&ID were actively seeking negotiations with the federal government to reach an out-of-court settlement.
This development stemmed from growing indications that Nigeria might achieve a favourable outcome in its legal challenge against the arbitral award.
The lobbyists also reached out to senior officials of the ministry of justice to help pile pressure on President Bola Tinubu, who is said to believe that P&ID does not have a good case against Nigeria.(The Cable)
