Politics
EFCC Reacts As UK Judge Dismisses $11.5 Billion P&ID Judgment Against Nigeria
In a recent ruling on October 23, 2023, UK Judge Robin Knowles of the Business and Property Court in London declared that the awarded sum was acquired through fraudulent means and is contrary to public policy…CONTINUE READING
The Economic and Financial Crimes Commission (EFCC) had been entangled in a legal dispute with Process & Industrial Developments (P&ID) over a judgment of $9 billion initially awarded against Nigeria, which has since escalated to $10 billion.
P&ID alleged that Nigeria breached the terms of their agreement by failing to supply gas for the power plant they were to construct for the country.
According to P&ID, this alleged breach hindered the Gas Project, which had been agreed upon during the tenure of former President Umaru Yar’Adua, and deprived P&ID of the anticipated benefits from 20 years’ worth of gas supplies, including projected profits of $5 to $6 billion.
The arbitral tribunal unanimously determined that the Nigerian government had reneged on its commitments under the Gas Supply and Processing GSPA, thereby awarding P&ID $6.6 billion in 2017. With the addition of interest, this sum has now escalated to $11.5 billion.
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