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Dec
22
2023
By The African Mirror
Nigeria’s $11 bln damages bill for collapsed gas deal thrown out by London Court

Nigeria’s $11 bln damages bill for collapsed gas deal thrown out by London Court

NEWS
NIGERIA is off the hook for an $11 billion damages bill over a collapsed gas processing project that was procured by bribery after the award was thrown out by London's High Court. The West African country faced having to pay the sum – representing around a third of its foreign exchange reserves – to Process & Industrial Developments (P&ID), a company based in the British Virgin Islands. But the High Court ruled in October that P&ID paid bribes to a Nigerian oil ministry official in connection with the gas contract signed in 2010, and failed to disclose this when it took Nigeria…
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Oct
24
2023
By SAM TOBIN
Nigeria wins bid to overturn $11 bln damages for collapsed gas deal

Nigeria wins bid to overturn $11 bln damages for collapsed gas deal

NEWS
NIGERIA hailed a landmark victory after it won its bid to overturn an $11 billion damages bill for a collapsed gas project, in a case a judge at London's High Court said exemplified the ravages of greed and corruption. Africa's most populous country had previously been ordered to pay the sum – representing around a third of its foreign exchange reserves – to Process & Industrial Developments (P&ID), a company based in the British Virgin Islands. But Judge Robin Knowles found that P&ID had paid bribes to a Nigerian oil ministry official in connection with the gas contract signed in…
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Jan
26
2023
By The African Mirror
$11-billion claim: Nigeria’s lying, bribery claims rejected

$11-billion claim: Nigeria’s lying, bribery claims rejected

NEWS
LAWYERS representing a British Virgin Islands-based company owed $11 billion by Nigeria over a collapsed gas processing project rejected Nigerian allegations that it bribed senior officials to obtain a lucrative contract. Nigeria is trying to overturn an award to Process & Industrial Developments (P&ID) of billions of dollars in damages that was made by a London arbitration tribunal in 2017. The West African oil and gas-producing nation was found in 2015 to be in breach of a 20-year gas processing contract awarded to P&ID. Two years later, P&ID was awarded $6.6 billion for lost profits, a sum which has since swelled with interest to…
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