The Federal Government has said it will demand damages from Process & Industrial Developments Limited, which lost its $11bn arbitration award against Nigeria on Monday in the United Kingdom. The arbitration court had awarded $6bn against Nigeria in January 2017 over the failed gas processing contract but the fine had accumulated to $11bn before the verdict was delivered on account of the seven per cent interest rate. Even without the dishonest behaviour of P&ID, Nigeria was compromised.”The AGF attributed Nigeria’s victory in the $11bn lawsuit to close a collaboration by agencies of the Federal Government. These emphasised the need for the FRN to vigorously challenge and resist the enforcement of the award by P&ID. In particular, the judge concluded that P&ID obtained the award only by practising the most severe abuses of the arbitral process.

Source: Punch October 24, 2023 14:29 UTC