In what is considered as a sigh of relief, Nigeria has won its case against the Process and Industrial Developments Company, P&ID.
In the case marked CL-2019-000752, the Nigerian government sought to overturn an arbitration award in favour of the Process and Industrial Developments Company, P&ID which has now accrued interest worth $11 billion.
P&ID had claimed it entered into an agreement with the federal government to build a gas processing plant in Calabar, Cross River State, but the deal collapsed because the Nigerian government failed to fulfil its end of the bargain.
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Judgement has now been delivered in Nigeria’s favour by a London High Court has now delivered.
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