Nigeria had moved to nullify the arbitral award of $9.6 billion made in 2017 in favour of P&ID but had ballooned to $11 billion for an alleged breach of a gas supply and processing agreement.
have lauded the decision of the UK commercial court dismissing a fraudulent $11 billion arbitration award in favour of P&ID.
Reacting to the outcome of the British court proceedings, on Monday, Mr Fagbemi described the judgement as “historic.” Referencing the views of Nigeria’s lead lawyer in the case, Mark Orwell Casey, the minister said, “P&ID was exactly the type of entity that was prepared to engage in bribery to achieve its aim to undermine the administration of justice in Nigeria…”
An initial out-of-tribunal agreement for the payment of $850 million was reached by a previous administration and the disbursement was passed on to the administration of President Muhammad Buhari. The EFCC, challenging the payments through its counsel, Bala Sanga, said the payments, in 2017 and 2018, were made from an Industrial Consultants account at Allied Irish Banks and were purportedly for “medical costs”.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BREAKING: Nigeria Wins as UK Court Halts $11 Billion Award to P&IDA Trusted Nigerian Newspaper
Read more »
JUST IN: Nigeria wins as UK court dismisses $11 billion P&ID suitThe UK court upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
Read more »
UPDATED: Nigeria wins as UK court dismisses $11 billion P&ID suitThe UK court upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
Read more »
UPDATED: Nigeria wins as UK court dismisses $11 billion P&ID suitThe UK court upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
Read more »
UFC 294: Kamaru Usman loses epic clash against ChimaevPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
INTERVIEW: How Israel-Hamas crisis can be resolved -Bishop KukahPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »