BREAKING: London Court Gives Judgment In Favour Of Nigeria Over $11bn Debt Case Against P&ID

By Babatunde Solanke

A London high Court on Monday gave judgment in favour of Nigeria in her its case against the Process and Industrial Developments Company, P&ID.

In the case marked CL-2019-000752, the Federal Government sought to overturn an arbitration award in favour of P&ID which has now accrued interest worth $11 billion.

The company had claimed it entered into an agreement with Nigeria to build a gas processing plant in Calabar, Cross River State, but the deal collapsed because the Nigerian government did not fulfil its end of the bargain.

Details later…