Nigeria Defeats P&ID in First round of Court Proceedings

1 Min Read

Nigeria has been granted relief from a $10 billion judgement awarded against it in favour of Process and Industrial Limited (P&ID).

Judge Ross Cranston of the Business and Property Courts of England and Wales granted Nigeria’s application for extension of time as well as relief from the $10 billion sanction.

See Also: Man Caught Red Handed Trying To Murder Woman In Motel Room

A January 2017 judgement had ordered Nigeria to pay $6.6 billion in damages to P&ID including accrued interests which amounted to $10 billion.

The Nigerian government argued against the judgement saying the contract P&ID had sued for was granted under Illegal circumstances. They alleged that the company has bribes officials to get a gas supply and processing agreement contract in 2010.

The initial judgement would have affected Nigeria really bad due to the prevailing economic situation.

P&ID had moved to sell of Nigerian assets abroad to offset the judgement amount before an appeal was made.

TAGGED: , , ,
Share this Article
Leave a comment

Leave a Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.