Nigeria begins bid to overturn $11bn P&ID debt | Trial to last eight weeks - Uju Ayalogu's Blog for News, Reviews, Articles and More

Breaking News

Post Top Ad

Monday 23 January 2023

Nigeria begins bid to overturn $11bn P&ID debt | Trial to last eight weeks

Nigeria begins bid to overturn $11bn P&ID debt | Trial to last eight weeks

Nigeria has begun an attempt to overturn the $11 billion debt awarded in favour of Process and Industrial Developments (P&ID).

In 2019, a British court gave P&ID the go-ahead to seize Nigerian assets worth $9 billion over a 2010 contract.

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

The award, which has been accruing interest since 2013, is now worth $11 billion.

At the proceedings in London’s high court on Monday, Mark Howard, Nigeria’s lawyer, told the court that P&ID obtained its contract “by telling repeated lies and paying bribes to officials”.

As a result, the lawyer also argued that P&ID “corrupted” Nigeria’s attorneys to obtain secret information during the arbitration.

In his written submissions, Howard added that the company paid bribes and relied on false evidence “to dupe (Nigeria), the tribunal, and this court into giving P&ID an extraordinary amount of money on the back of a campaign of bribery, corruption and deception”.

However, P&ID has maintained innocence.

The company said the gas processing agreement was “a genuine contract which P&ID genuinely wanted to perform”.

In court records, David Wolfson, P&ID attorney,  claimed that Nigeria’s arbitration defeat “had nothing to do with any corruption.”

Wolfson will make opening arguments on behalf of P&ID on Tuesday.

The trial, which started today, is expected to last for eight weeks.

READ ALSO:  Police begin manhunt for killer of Imo LG boss, Ohizu

Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story on by clicking here. For Advert Inquiries Tel/+44(0)7590363984

For More:   Subscribe to

Subscribe to Our Posts via Email

Share This

No comments:

Post a Comment

Listen to This Beautiful New Talent - Winter Wolf - Singing "Midnight"

Post Bottom Ad