Court
UK court orders P&ID to pay Nigeria £20m compensation
The UK court has ordered Process & Industrial Developments (P&ID) Limited to pay Nigeria £20 million in damages and compensation following Nigeria’s victory in an $11 billion judgment debt, which was heard in October 2023. This is a significant win for Nigeria, freeing the country from the burden of paying the substantial judgment debt. The court’s decision is a result of a long-running legal battle between P&ID and the Nigerian government, with the judge citing irregularities and fraud in the procurement of the contract between P&ID and the Nigerian government. The ruling overturns the previous arbitration award that would have required Nigeria to pay the substantial sum to P&ID. The court’s decision is a major relief for Nigeria, as the potential payment of $11 billion would have had a devastating impact on the country’s economy, given its existing debt and economic challenges.
Source: Naija.com