Nigeria has secured a landmark victory in its pursuit to overturn a $10 billion judgement awarded against it in a case against Process and Industrial Developments (P&ID).

Delivering his judgement on Thursday, Ross Cranston, a judge of the Business and Property Courts of England and Wales, granted Nigeria’s application for an extension of time and relief from sanctions.

On January 31, 2017, a tribunal had ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre- and post-judgment interest at 7 percent.

The current outstanding amount is estimated at $10 billion.

The Federal Government had approached the court to establish that the contract was awarded on illegal terms.

Nigeria’s lawyers told the court in July that P&ID officials paid bribes to get the contract.

P&ID reportedly entered a gas supply and processing agreement with Nigeria in 2010.

Claiming Nigeria breached the terms of the contract, it took a legal recourse and secured an arbitral award against the country.

Nigeria has been making moves to overturn the judgement and has gotten court clearance to request documents from a P&ID stakeholder and review bank statements of ex-President Goodluck Jonathan, Diezani Alison-Madueke and Rilwanu Lukman, former ministers of petroleum.

The Economic and Financial Crimes Commission (EFCC), on August 18, arraigned James Nolan, a Briton, and six companies over their alleged involvement in the contract.

TheCable understands that the case will either go back to arbitration based on the new evidence or both parties will now settle out of court.

Racoon:
Good relieve but it's not yet uluru for Nigeria yet.P & ID winning this case will spell doom for this nation foreign reserve given the present COVID19 economic meltdown.

simpleseyi:


Buhari will not pay one kobo, you can be sure of that. I don't know what will happen if this case drags into another administration, but as for Buhari, he will not pay a kobo. The Directors of the fraudulent company P & ID better watch out because Buhari is coming for them .

fergie001:


Source





TheCable

To read the full text of the judgement,
Download Here


lalasticlala mynd44

fergie001:


Source





TheCable

To read the full text of the judgement,
Download Here


lalasticlala mynd44

SUFFERInSMILIIN:


From what I have seen Nigeria is a country of illiterate and the people cannot learn. First it was 7 billion US dollar, now it has gone up to 10 billion US dollar bitetime Nigerian government keeps on wasting their time it will be 15 and 20 billion. Nigeria is a country of illiterate which cannot learn is it this is the same thing which happened in DRC and in Ghana. Did it just keeps on piling up on the Nigerian Embassy that they found out it is even cheaper for them to go and build another embassy somewhere else than to pay the debt on that land