Nigeria has secured a landmark victory in its pursuit to overturn a $10 billion judgement awarded against it in a case against Process and Industrial Developments (P&ID).
Delivering his judgement on Thursday, Ross Cranston, a judge of the Business and Property Courts of England and Wales, granted Nigeria’s application for an extension of time and relief from sanctions.
On January 31, 2017, a tribunal had ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre- and post-judgment interest at 7 per cent.
Nigeria has been making moves to overturn the judgement and has gotten court clearance to request documents from a P&ID stakeholder and review bank statements of ex-president Goodluck Jonathan, as well as that of former petroleum ministers, Diezani Alison-Madueke and Rilwanu Lukman.
The Federal Government had approached the court to establish that the contract was awarded on illegal terms.
