ENUGU, Nigeria (VOICE OF NAIJA)- The Federal Government of Nigeria headed by President Bola Ahmed Tinubu, has emerged victorious in its legal battle against Process & Industrial Developments (P&ID) Limited in a London court on Monday, 23 October.
This has given Nigeria a significant victory in the ruling by a UK court in favour of halting the enforcement of the $11 billion arbitration awarded to Process & Industrial Developments (P&ID). This is coming after an extended legal battle lasting more than five years
The judgement was delivered by Justice Robin Knowles of the Commercial Courts of England and Wales, via email, affirming Nigeria’s argument that the gas processing contract, which led to the massive award, was procured through fraudulent means.
Vanguard reported that the judgment was delivered after five years of legal frameworks which have finally been to the advantage of Nigeria, as the court squashed the $11 billion arbitration award in favour of P&ID.
The court dismissed the $11 billion arbitration award in favour of P&ID, upholding Nigeria’s argument that the gas processing contract was obtained through fraud.
In its judgment delivered by e-mail, Robin Knowles, the Justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud, The Cable report added.
This ruling came after the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, urged the bid winners for the Nigerian Gas Flare Commercialisation Programme (NGFCP), to hasten site development.
The ruling which was delivered by Justice Robin, has stirred mixed reactions.