FG urges UK court to reverse P&ID $11bn interest

Nigeria has asked a London high court to deliver judgement in its favour in a case against Process and Industrial Developments (P&ID).

The federal government is seeking to overturn an arbitration award in favour of P&ID which has accrued interest to the tune of $11 billion.

The company claimed it entered into an agreement with Nigeria to build a gas processing plant in Calabar, Cross River state, but the deal collapsed because the Nigerian government did not fulfil its end of the bargain.

And urging the court to dismiss the award, the federal government in its written closing submissions, accused the firm of suppressing vital evidence, bribery, and perjury among others to win the arbitration.