Major relief for Nigeria as London Court grants appeal on P&ID $9.9 bln case
Nigeria on Friday was able to convince a London court to grant her more time to appeal in the $9 billion arbitration case.
Though the Commercial Court ruling did not specify the length of the extension in the long-running dispute, the ruling a major relief for the West African country who is currently struggling to meet the demand for foreign currency in the domestic market due to a shortage caused by the sharp drop in oil prices.
Process & Industrial Developments (P&ID) won a $6.6 billion arbitration award after a 2010 deal to carry out a gas project in Nigeria collapsed.
This has been accruing interest since 2013 and now totals nearly $10 billion, which if Nigeria has to payout would dent the country’s foreign reserves.
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Nigeria has alleged corruption in the contract and Friday’s ruling will allow the government time to investigate.
The Federal Government and P&ID, a vehicle created for the gas deal, did not immediately respond to requests for comment.
Before Friday’s decision, Nigeria had sought permission in the English courts to appeal the award, despite having missed the original 28-day appeal deadline. It said new information only came to light in late 2019.