UK Court dismisses P&ID’s $11 billion suit against Nigeria 

The business and Property Court in London has today ruled in favour of Nigeria in a $11 billion suit between the federal government of Nigeria and Process & Industrial Developments (P&ID) Ltd. 

The judgment was delivered by Judge Robin Knowles.  

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.

more to folllow.