“Nigerian Win! $11B Gas Deal Scam Exposed, Award Overturned in Landmark Case”.
A London court has overturned the $11 billion damages charge brought against Nigeria by Process & Industrial Developments (P&ID) Limited, a gas company, pertaining to a failed gas processing project in Cross River, Nigeria.
Reuters reported the court’s ruling, stating that the gas processing project was secured through a bribe paid to Nigerian oil ministry officials.
Judge Robin Knowles, delivering the judgment, highlighted that P&ID had not disclosed the bribery when pursuing arbitration against Nigeria. Consequently, the court deemed the damages invalid and dismissed P&ID’s plea for a return to arbitration.
Previously, in October, the High Court had determined that the contract obtained by P&ID was through bribery and fraud, a ruling also made by Judge Robin Knowles.
Additionally, earlier this month, Judge Knowles ordered Process & Industrial Developments Limited to compensate the Nigerian government with £20 million in damages and compensation. This verdict followed P&ID’s attempt to restart arbitration against Nigeria for an alleged breach of a 2010 gas supply agreement, which the High Court rejected due to the 2023 judgment.