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Breaking: Nigeria Wins $11 Billion P&ID Arbitration Award Due To Fraudulent Gas Processing Contract
Breaking: Nigeria Wins $11 Billion P&ID Arbitration Award Due To Fraudulent Gas Processing Contract....KINDLY READ THE FULL STORY HERE▶

Nigeria has successfully prevented the enforcement of the $11 billion arbitration award in favor of Process & Industrial Developments (P&ID) Limited. In a ruling by Justice Robin Knowles of the Commercial Court of England and Wales, the court upheld Nigeria’s plea, citing that the ill-fated gas processing contract was procured through fraudulent means.
The dispute dates back to January 31, 2017, when a private arbitration tribunal ordered Nigeria to pay $6.6 billion to P&ID, along with interest starting from March 20, 2013. Following this judgment, Nigeria sought an extension of time and relief from sanctions, which was granted by Ross Cranston, a judge in the Business and Property Courts of England and Wales, in September 2020.
The Nigerian government alleged that the gas deal was a fraudulent scheme designed to defraud the country. Legal representatives of Nigeria presented evidence of bribery paid by P&ID officials to secure the contract. In response, P&ID denied the allegations, accusing the Nigerian government of making “false allegations and wild conspiracy theories.”
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