Home NewsLocal Breaking: $11bn Debt: Nigeria wins case against P&ID

Breaking: $11bn Debt: Nigeria wins case against P&ID

by Victorious
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Breaking: $11bn Debt: Nigeria wins case against P&ID

Nigeria has secured a significant victory in its legal battle against the Process and Industrial Developments Company (P&ID).

This legal victory comes in the case marked CL-2019-000752, where the Federal Government of Nigeria aimed to overturn an arbitration award that favored P&ID and had accrued an interest worth $11 billion.

P&ID had asserted that they had entered into an agreement with Nigeria to construct a gas processing plant in Calabar, Cross River State. However, the deal fell apart due to the Nigerian government’s failure to fulfill its obligations under the contract.

In a highly awaited decision, a London High Court has now ruled in favor of Nigeria. This marks a significant development in the ongoing legal dispute between Nigeria and P&ID.

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