London’s High Court throws out $11billion damages bill against Nigeria in gas deal
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In a landmark ruling, London’s High Court has dismissed an $11 billion damages claim against Nigeria over a collapsed gas processing project, citing bribery allegations against Process & Industrial Developments (P&ID), the British Virgin Islands-based company behind the claim.
The court’s decision in October revealed that P&ID engaged in bribery with a Nigerian oil ministry official during the procurement of the gas contract in 2010. The company failed to disclose this critical information during arbitration proceedings against Nigeria concerning the project’s collapse.
The ruling marks a significant relief for Nigeria, averting a substantial financial burden representing about a third of the country’s foreign exchange reserves.
President Bola Tinubu hailed the verdict as a crucial blow against economic malpractice and the exploitation of African nations.
Despite P&ID’s plea for the case to be re-submitted to arbitration, Judge Robin Knowles decreed on Thursday an immediate dismissal of the award. Additionally, the judge denied P&ID permission to appeal, effectively concluding the case, as the company cannot seek recourse from the Court of Appeal.
Expressing satisfaction with the ruling, a London-based spokesperson for the Nigerian government hailed it as a “historic victory for the people of Nigeria.”
As of now, there has been no immediate response from P&ID’s legal representatives regarding the court’s decision.
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