After over five years of legal fireworks, Nigeria has finally succeeded in halting the enforcement of the $11 billion arbitration award in favour of P&ID.
In a judgment delivered by email, Justice of the Commercial Courts of England and Wales, Robin Knowles, upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
A private arbitration tribunal had on January 31, 2017 ordered Nigeria to pay $6.6 billion to P&ID plus interest beginning from March 20, 2013.
With the interest rate fixed at seven percent amounting to $1 million a day, the potential payment had accumulated to over $11 billion before the verdict.