BREAKING: $11bn debt: Nigeria wins case against P&ID

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Nigeria has won 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.

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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.

 

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A London High Court has now delivered judgement in Nigeria’s favour.

 

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Details later…

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