Prince Adewole Adebayo, the Social Democratic Party (SDP) presidential candidate in the 2023 presidential election, has extended congratulations to the people of Nigeria and the Federal Government for their triumph in the $11.5 billion legal dispute against Process and Industrial Development (P&ID) in a London court…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
It’s important to note that the Federal Government of Nigeria previously secured a victory against P&ID in a Business and Property Court in London, presided over by Justice Robin Knowles of the Commercial Courts of England and Wales.
In the case identified as CL-2019-000752, the Federal Government had aimed to overturn the $6.6 billion arbitration award favoring P&ID, which was initially granted in 2017.
This award had continued to accumulate interest since then, resulting in the current total amounting to approximately $11 billion.
The court’s ruling indicated that there were no substantiated allegations of bribery against Mr. Olasupo Shasore (SAN), the former Attorney-General of Lagos State who represented Nigeria in the arbitration proceedings.
The dispute originated in 2010 when P&ID Limited entered into a gas supply and processing agreement with Nigeria, intending to establish an Accelerated Gas Development project in Cross River State.
The project never materialized, and P&ID subsequently accused Nigeria of violating the contract terms, claiming that the country had failed to provide gas for the power plant it had planned to build.
