A British court on Friday granted Nigeria’s application for an extension of time and relief from sanctions in a $10 billion judgement awarded against it in a case involving Process and Industrial Developments (P&ID).
The judgment, delivered by Sir Ross Cranston, a judge of the High Court of Justice, Queen’s Bench Division of England, okayed an application by Nigeria for an extension of time.
Nigeria entered troubled waters when on January 31, 2017, the country was ordered to pay P&ID the sum of $6.6 billion as damages, with a seven percent post-judgment interest by a tribunal.
The federal government however fought back, approaching the court with a view to establishing that the contract in dispute was awarded on illegal terms, and that the officials of the company paid bribes to secure the contract.
P&ID, which reportedly secured a gas supply and processing agreement with Nigeria in 2010, claimed that the country breached the terms of the contracts, leading to it securing an arbitrary award at the tribunal against Nigeria.
As part of moves to upturn the judgment of the tribunal, Nigeria has secured clearance to obtain and review documents from P&ID stakeholders and review bank statements of ex-President Goodluck Jonathan, Diezani Alison-Madueke and Rilwanu Lukman, both former ministers of petroleum resources.
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