P&ID case: Nigeria granted leave to appeal $9.6bn judgement
The United Kingdom Commercial and Arbitration Court has reportedly granted Nigeria leave to appeal the $9.6 billion awarded against it.
An Irish firm, Process and industrial Development Limited (P&ID), had won a $9.6 billion suit against Nigeria in a botched deal.
Vanguard reports that Nigeria is arguing a case for the stay of the execution of the judgement.
Abubakar Malami who is the attorney-general of the federation and the minister of justice who led Nigeria’s team to London confirmed the development on Thursday, September 26.
Legit.ng had reported that P&ID reportedly made offer for settlement over the $9.6 billion judgment it secured against Nigeria.
The offer came following judgement by the Federal High Court in Abuja against the company and its affiliate.
Adam Quinn who is the son of the late owner of the firm is one of those involved in the proposed negotiation.
The administration of late president Umaru Yar-Adua and the P&ID had signed the contract for gas supply and processing (GSPA).
While the federal government was to supply wet gas up to 400 million standard cubic feet per day, the company was build gas processing facilities around Calabar, Cross River state. However, the contract was reportedly designed to fail as key elements necessary for its success were absent.
After reviewing the contract, a three-member arbitration panel ruled against Nigeria, ordering the government to pay $6.6 billion to the firm as damages. With interest, the damages has now accumulated to about $9 billion (approximately N3.24 trillion), which is more than one-third of Nigeria’s 2019 budget.
Meanwhile, President Muhammadu Buhari earlier described the move of P&ID, against the federal government as a scam.
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Legit.ng reported the president said this is why Nigeria is prosecuting the company and battling the $9.6 billion forfeiture order given by a court in the UK.
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Source: Legit.ng
