The Federal Government and concerned citizens can now hive a sigh of relief as Nigeria has secured a judgement halting the enforcement of the $11 billion arbitration award in favour of P&ID.
In a judgment delivered by email, Robin Knowles, justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud, The Cable reports.
Recall that 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.
With the interest rate fixed at seven percent amounting to $1 million a day, the potential payment had accumulated to over $11 billion before the verdict.
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