fbpx

info@lawreporterslive.com

24.1 C
Abuja
Saturday, July 24, 2021

JUST IN: Nigeria floors P&ID as UK court grants relief from $10bn fine

Must read

Court temporarily halts re-trial of Orji Uzor Kalu over alleged N17.1bn fraud

A Federal High Court in Abuja has ordered the re-arraignment of former Abia State Governor, Orji Uzor Kalu in an alleged N7.1bn money-laundering charges...

Ayade swears in Justice Akon Ikpeme as Cross River Chief Judge

Twice rejected by the State House of Assembly for being a security threat Justice Akon Bassey Ikpeme was on Monday sworn-in by Cross River...

Court orders forfeiture of Yari’s N284m to FG

A Federal High Court in Abuja on Tuesday ordered a final forfeiture of about N284, 306, 294.04 linked to a former governor of Zamfara,...

Court reverses dismissal of 3 police officers, orders recall

Justice Elizabeth Oji of the Lagos Judicial division of the National Industrial Court has nullified the purported dismissal of Mufutau Olaosun, Temitope Adebayo, and...

Nigeria has secured a landmark victory in its pursuit to overturn a $10 billion judgement awarded against it in a case against Process and Industrial Developments (P&ID).

In the judgment delivered on Thursday, Ross Cranston, a judge of the Business and Property Courts of England and Wales, granted Nigeria’s application for an extension of time and relief from sanctions.

It’s understands that the case will either go back to arbitration base on the new evidence or both parties will now settle out of court.

On January 31, 2017, a tribunal had ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre- and post-judgment interest at 7 percent.

The current outstanding amount is estimated at $10 billion.

The federal government had approached the court to establish that the contract was awarded on illegal terms.

Nigeria’s lawyers told the court in July that P&ID officials paid bribes to get the contract.

P&ID reportedly entered a gas supply and processing agreement with Nigeria in 2010.

Claiming Nigeria breached the terms of the contract, it took a legal recourse and secured an arbitral award against the country.

Nigeria has been making moves to overturn the judgement and has gotten court clearance to request documents from a P&ID stakeholder and review bank statements of ex-President Goodluck Jonathan, Diezani Alison-Madueke and Rilwanu Lukman, former ministers of petroleum.

The Economic and Financial Crimes Commission (EFCC), on August 18, arraigned James Nolan, a Briton, and six companies over their alleged involvement in the contract.

Click here to Download the Full Judgment…

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Court temporarily halts re-trial of Orji Uzor Kalu over alleged N17.1bn fraud

A Federal High Court in Abuja has ordered the re-arraignment of former Abia State Governor, Orji Uzor Kalu in an alleged N7.1bn money-laundering charges...

Ayade swears in Justice Akon Ikpeme as Cross River Chief Judge

Twice rejected by the State House of Assembly for being a security threat Justice Akon Bassey Ikpeme was on Monday sworn-in by Cross River...

Court orders forfeiture of Yari’s N284m to FG

A Federal High Court in Abuja on Tuesday ordered a final forfeiture of about N284, 306, 294.04 linked to a former governor of Zamfara,...

Court reverses dismissal of 3 police officers, orders recall

Justice Elizabeth Oji of the Lagos Judicial division of the National Industrial Court has nullified the purported dismissal of Mufutau Olaosun, Temitope Adebayo, and...

Court acquits lawyer of stealing N50.2m from Domino Stores

An Ikeja High Court on Wednesday acquitted a lawyer, Yetunde Sousa, accused of stealing N50.2Million from Dominos Stores and Ozone Cinemas. Delivering judgment, Justice Raliat...