In a major development in the long-running legal battle between Nigeria and Process & Industrial Developments Limited (P&ID), a UK court has awarded Nigeria £20 million in damages and compensation.
The ruling marks another significant victory for Nigeria following the quashing of P&ID’s fraudulent $11 billion arbitration award in October 2023. “P&ID lawyers tried to limit the amount payable to Nigeria as damages and fought for payment in naira,” reported Arise News Channel.
However, the court ruled that P&ID must pay £20 million to Nigeria within 28 days. Their request for an appeal on the currency was also denied.” Following Nigeria’s historic victory in October, P&ID had attempted to revive their claims through fresh arbitration. However, the High Court in London ruled that the arbitration could not proceed while the 2023 judgement remained valid.
