Nigeria comes out victorious as judge grants her an extension of time and relief of sanctions as she bids to overturn P&ID Ruling.
Nigeria has successfully overturned a $10 billion judgement awarded against it in a case against Process and Industrial Developments (P&ID).
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 Thursday September 3.
Earlier in the year, on the 31st of January, 2017, a tribunal had ruled that Nigeria must pay P&ID $6.6 billion as damages, including pre- and post-judgment interest at 7 per cent.
The Federal Government of Nigeria then approached the court stating that the contract was awarded on illegal terms.
Investigations further led to the Economic and Financial Crimes Commission (EFCC), arresting and arraigned James Nolan, a Briton, and six companies over their alleged involvement in the contract on August 18. Bank statements of former president Goodluck Jonathan, as well as that of former petroleum ministers, Diezani Alison-Madueke and Rilwanu Lukman.