A London court has given Nigeria more time to appeal in a $10 billion arbitration case, although Friday’s Commercial Court ruling did not specify the length of the extension in the long-running dispute.
Process & Industrial Developments (P&ID) won a $6.6 billion arbitration award after a 2010 deal to carry out a gas project in Nigeria collapsed. This has been accruing interest since 2013 and now totals nearly $10 billion, which if Nigeria has to payout would dent the oil-producing country’s foreign reserves.
Nigeria has alleged corruption in the contract and the ruling will allow the government more time to investigate.
“We will now proceed to a full hearing of our fraud challenge in the coming months,” a spokesman for Nigeria’s attorney general said following the ruling.
“We are firmly committed to overturning the award – no matter how long it takes – to ensure that this money goes towards Nigeria’s future,” he added.
P&ID, a vehicle created for the gas deal, did not immediately respond to a request for comment.
Nigeria had sought permission to appeal the award, despite having missed the original 28-day appeal deadline. It said new information only came to light in late 2019. – Thomson Reuters Foundation.