After a lengthy legal battle spanning over five years, Nigeria has successfully halted the enforcement of the $11 billion arbitration award in favor of P&ID.
The decision was handed down via email by Robin Knowles, a judge in the Commercial Courts of England and Wales. The ruling was in line with Nigeria’s plea, asserting that the gas processing contract, which led to the ill-fated arbitration, was tainted by fraud.
The anticipation for this judgment was noted in a report on Saturday, with the official announcement set for Monday. In the original dispute, a private arbitration tribunal had, on January 31, 2017, ordered Nigeria to make a payment of $6.6 billion to P&ID, along with interest starting from March 20, 2013.
This interest rate was fixed at seven percent, amounting to approximately $1 million per day, resulting in the total potential payment exceeding $11 billion by the time of the verdict.
CREDIT: TheCable
