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President Bola 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.
The £20 million award was disclosed while the court was delivering a consequential ruling on the case that was heard in London on Friday to find out the next move after the October ruling.
The report also disclosed that the Friday hearing was also meant to find out if the P&ID can get permission to appeal the case.
According to the report:
“The court refused to grant P&ID permission to take the matter back to arbitration, saying that the company’s conduct during the process was reprehensible and therefore it completely set aside the $11 billion judgment.”
Source: Legit.ng
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