The UK court upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
Nigeria claims that the collapsed gas processing project was procured by a campaign of bribery and fraud.
Process & Industrial Developments was awarded a 20-year contract in 2010 to construct and operate a gas processing plant.The P&ID controversy dates back to January 2010 when the company signed a gas supply and processing agreement with the Ministry of Petroleum Resources on behalf of the Nigerian government.
The government in closing arguments at a trial in March urged the court to overturn an arbitration award in favour of P&ID which has now accrued interest worth $11 billion.The company claimed it entered into an agreement with Nigeria to build a gas processing plant but the deal collapsed because the Nigerian government did not fulfil its end of the bargain.
“In the circumstances and for the reasons I have sought to describe and explain, Nigeria succeeds on its challenge under section 68. I have not accepted all of Nigeria’s allegations,” a copy of the judgement, seen by PREMIUM TIMES, reads. The court also healed that it shall not exercise its power to set aside or to declare an award to be of no effect, in whole or in part, unless it is satisfied that it would be inappropriate to remit the matters in question to the tribunal for reconsideration.
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