LONDON – Nigeria’s High Court has dismissed an $11 billion damages bill against the country over a collapsed gas processing project. The project, procured by bribery, was taken to arbitration by Process & Industrial Developments (P&ID), a British Virgin Islands-based company. The High Court ruled in October that the contract was secured through bribes paid by P&ID to a Nigerian oil ministry official. Judge Robin Knowles further ruled that the damages award should be immediately thrown out, rejecting P&ID’s request to send the case back to arbitration. P&ID was also denied permission to appeal the ruling, but it can apply directly to the Court of Appeal. The $11 billion represented approximately a third of Nigeria’s foreign exchange reserves, and the court’s ruling provides significant relief for the West African country.
$11 Billion Damages Against Nigeria Over Collapsed Gas Project Dismissed by London’s High Court
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