After over five years of legal battle, Nigeria has finally gotten judgement halting the enforcement of the $11 billion arbitration award in favour of P&ID.
This judgement came today as delivered by email, by Justice Robin Knowles, justice of the Commercial Courts of England and Wales, grants Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
As widely reported on Saturday that the much-awaited judgment would be delivered on Monday.
A private arbitration tribunal had on January 31, 2017 ordered Nigeria to pay $6.6 billion to P&ID plus interest beginning from March 20, 2013.
The rate of interest is fixed at seven percent amounting to $1 million a day, the potential payment had accumulated to over $11 billion before the verdict.
This is a good news for Nigeria.
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