After more than five years of legal battles, Nigeria has successfully prevented the enforcement of the $11 billion arbitration award in favor of P&ID.
The judgment, delivered by Justice Robin Knowles of the Commercial Courts of England and Wales via email, granted Nigeria‘s request on the grounds that the problematic gas processing contract was procured through fraudulent means.
Previously, we had reported that the highly anticipated judgment would be issued on Monday.
In January 2017, a private arbitration tribunal had ruled that Nigeria must pay $6.6 billion to P&ID, with interest dating back to March 20, 2013, set at seven percent, amounting to $1 million per day.
This interest accumulation had reached over $11 billion prior to the verdict.