Nigeria has surmounted another hurdle in its battle against Process and Industrial Development (P&ID) as a United Kingdom Commercial Court ordered that the Nigerian Government be refunded $200 million paid as security in respect of the case.
The news was revealed by the Central Bank of Nigeria (CBN), which also revealed that the Nigerian Government was awarded 70,000 pounds in addition to 1.5 million earlier awarded against P&ID as damages.
“Nigeria’s foreign exchange reserves was this morning boosted by over $200 million when the London Commercial Court ordered the release of the $200 million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 billion arbitral claim. The court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.” The CBN said via Twitter.
P&ID has sued the Nigerian Government for an alleged breach of contract regarding a gas deal gone wrong asking for damages totaling $10 million. Nigeria was however able to successfully prove that the gas deal was obtained fraudulently with bribes, leading to the court ruling in favour of the country.