Nigeria has won its case against Process & Industrial Developments Limited P&ID Today.
This comes after months of back and forth court case submissions between Nigeria and P&ID over Natural Gas prospecting deals.
Nigeria will no longer be required to pay the $9 billion judgment debt.
In August 2019, a British judge ordered the Nigerian government to pay $9 billion in assets to P &ID.
The firm had reached a deal with the Nigerian government in 2010 to build a natural gas plant which went south with the firm sueing Nigeria for failing to provide the gas or install the pipelines it had promised to build as part of the deal agreement.
The firm was first awarded $6.6bn (£5.4bn) in 2017, but the London court added $2.4bn in interest.
In a judgment on Friday, Judge Ross Cranston of the High Court of Justice Queen’s Bench Division Commercial Court, London, United Kingdom, granted Nigeria’s applications for an extension of time and relief from the sanctions.
The Judge calibrated that P&ID “has contributed to the delay, and it will not by reason of the delay suffer irremediable prejudice in addition to the mere loss of time if the application is permitted to proceed.”
“Although not a primary factor, fairness in the broadest sense favours an extension in this case,” according to the judge.
Details Soon…
