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Nigeria escapes $10bn fine as UK Court rules out P&ID Suit

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The Suit of Process and Industrial Developments, P&ID Ltd which had won a $9.6bn arbitration against the Nigerian Government over a 2010 gas supply deal that went sour has suffered a serious set- back.

This is coming as the Business and Property Courts of England and Wales grants Nigeria’s application for an extension of time and relief from sanctions over the $10 billion judgement awarded against it.

Ross Cranston, a judge of the Business and Property Courts of England and Wales, granted the relief in a judgement today. This development may force both parties to settle out of court eventually, according to reports.

According to a statement by Judge Ross, a case of fraud cannot be clearly established.

He said. “It is not my function at this preliminary stage to decide whether a fraud took place,”“However, it has been necessary to consider a considerable amount of the material to decide firstly, whether, as Nigeria contended, there is a prima facie case of fraud and how strong that case is, and secondly, the steps Nigeria took to investigate the alleged fraud from late 2015. “Both matters are relevant to the issues of whether Nigeria’s claim is barred altogether and whether time should be extended in its favour and relief from sanctions granted.”

Even though the court in London had earlier ordered Nigeria to forfeit assets totalling $9.6bn as compensation for the engineering firm, that ruling has presently been set aside by Judge Ross’s verdict today

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