Nigeria Wins $11bn Debt Case Against P&ID

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.

Judgement has now been delivered in Nigeria’s favour by a London High Court has now delivered.

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