Relief for Naira, Tinubu’s Govt As Nigeria Wins P&ID $11bn Suit in UK Court

VAM News October 23, 2023 in Court, National Tagged Naira, Nigeria, P&ID $11bn Suit, Tinubu's Govt, UK Court - 0 Minutes

VAM News Update

Nigeria has won its case against the Process and Industrial Developments Company, P&ID.

In the case marked CL-2019-000752, the Federal Government sought to overturn an arbitration award in favour of P&ID which has now accrued interest worth $11 billion.

The company had claimed it entered into an agreement with Nigeria to build a gas processing plant in Calabar, Cross River State, but the deal collapsed because the Nigerian government did not fulfil its end of the bargain.

A London High Court has now delivered judgement in Nigeria’s favour.