Nigeria has won a case against Process and Industrial Developments (P&ID) in the UK after a London high court ruled in its favour in a case marked CL-2019-000752.
The federal government had asked the court to overturn an arbitration award in favour of P&ID which after accruing interest, was worth $11 billion.
The company claimed it entered into an agreement with Nigeria to build a gas processing plant in Calabar, Cross River state, but the deal collapsed because the Nigerian government did not fulfil its end of the bargain.
(Arise)
Details later…
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