P&ID: Victory for Tinubu’s Govt As London Court Quashes $11 Billion Damages Bill Against Nigeria

• The London Court has delivered a judgment that favoured President Bola Ahmed Tinubu’s led federal government
• The court held that the fraudulently obtained $11 billion arbitration award against Nigeria over a failed gas deal “should not have come into existence”
• The judge said on Thursday, December 21, that the case cannot be sent back to the arbitration tribunal, and denied P&ID permission to appeal the ruling

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

A new report has it that the Process and Industrial Development (P&ID) on Thursday, December 21, lost its final case (appeal) against Nigeria in an 11 billion dollar arbitration case.

London court delivered judgment in favour of Nigeria

The P&ID sought to overturn an October judgement by a London High Court that halted the enforcement for damages over a failed gas processing project.

The High Court had earlier ruled in October that the British Virgin Islands based company, paid bribes to a Nigerian oil ministry official in connection with the gas contract signed in 2010, and failed to disclose this when it took Nigeria to arbitration over the collapse of the deal.

In his ruling, Judge Robin Knowles rejected P&ID’s argument that the case should be returned for arbitration and affirmed that the damages award should be thrown out completely, Channels TV reported.

Judge Knowles had on October 23 ruled in favour of Nigeria in the enforcement of a $11bn P&ID Limited arbitration award.

According to the judge, the award against Nigeria by the company was obtained by fraud.

FG to receive £20m within 28 days from $11bn court case

Earlier, Legit.ng reported that President Tinubu-led government is expected to receive the sum of £20 million as damages and compensation from the Process & Industrial Developments (P&ID) Limited following the victory of Nigeria in an $11 billion court case.

According to Arise TV, a United Kingdom Court on Friday, December 8, directed the P&ID to pay the money to Nigeria following its loss in an $11 billion judgment debt case which was heard in October.

According to the UK court, the company must pay the money to Nigeria within the next 28 days.

2024 budget: Obi explains why Tinubu, Shettima should suspend foreign trips

Legit.ng earlier reported that Peter Obi, the Labour Party flagbearer in the 2023 presidential election, has criticised the foreign trip budget of President Bola Tinubu and Vice President Kashim Shettima.

The former governor of Anambra state said though he did not have access to the budget yet, based on what is on the public domain.

Obi said the money budget for foreign trips by the presidency can be used to strengthen Nigeria’s internal security.

Source: Legit.ng