Skip to content

A Victory for Nigeria in a UK Court  

The Nigerian government has won a case in a British Court that has overturned an $11bn arbitration award made to a firm following a dispute over a failed gas deal. The award, first made in 2017 then increased in 2019 to include interest, amounted to a huge chunk of Nigeria’s foreign reserves. Monday’s ruling is part of a protracted legal battle between British Virgin Islands-based firm Process and Industrial Developments Limited (P&ID) and the Nigerian government. Nigeria’s lawyers argued that P&ID had paid bribes to obtain the contract and corrupted lawyers to obtain confidential documents. P&ID denied Nigeria’s allegations, blaming the failure of the gas deal on institutional incompetence. Nigerian President Bola Ahmed Tinubu welcomed the decision by the Business and Property Court in London.In a statement, he described it as a victory for Africa and the developing world, which he said had long been on the receiving end of “overt exploitation”.

SOURCE: BBC