UK Court orders P&ID to make interim payment of £1.5 million to Nigeria

A UK court has ordered the Process and Industrial Developments Limited (P&ID) to make interim payment of £1.5m to Nigeria.

The hearing followed the major victory secured by Nigeria last Friday, allowing it to bring a fraud challenge against a $10b arbitration award obtained by P&ID well outside the normal time limits.

The hearing on Thursday was held to decide procedural and costs issues relating to the FRN’s applications to challenge the arbitration award and to determine the short term directions to trial.

The statement reads: “This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID. We are pleased that the English Courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award.

“To date, P&ID and its financial backer VR Capital have not produced a single document or credible witness to challenge the FRN’s fraud evidence. Instead, they continue to resort to disseminating misleading claims, while taking every step possible to delay or obstruct our investigations across multiple jurisdictions.

“The FRN remains firmly committed to overturning the injustice of the $10 billion award, and will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations into the GSPA are ongoing, and we are confident that more of the truth will be revealed over the coming months.”