By Ayodele Oni
It was a victory after five years of legal fireworks, for the Nigerian government as the British court threw away a fine of $11billion earlier awarded against Nigeria.
P&D had secured a contract in Nigeria which went sour. The company sued the Nigerian Government and secured billions of dollars in fine against Nigeria.
Nigerian Government hired legal experts that argued that the company secured the contract through fraudulent means.
But, a lower court in the United Kingdom fined Nigeria to the tune of $11 billion arbitration award in favour of P&ID.
In a judgment delivered by Robin Knowles, a Justice of the Commercial Courts of England and Wales, on Monday upheld Nigeria’s prayer to dismiss the fine.
The Court held that the ground on which the ill-fated gas processing contract was secured was illegitimate.
Before now, there were fears that if Nigeria loses, the fine would compound a fragile economy that has seen inflation jump to 26 percent in the face of dwindling power of the Naira.
A tribunal on January 31, 2017 had ordered Nigeria to pay $6.6 billion to P&ID. The money was with interests beginning from March 20, 2013.
