BREAKING: Nigeria Government wins $11bn debt case against P&ID
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.
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.
A London High Court has now delivered judgement in Nigeria’s favour.