$9.6bn P&ID Arbitration Award: UK Court to rule on Nigeria’s Appeal

Nigeria and Irish firm, Process and Industrial Development are set for a legal showdown in a UK court today.

This is as the Federal Government seeks to protect nine point six billion dollars worth of its offshore assets from being taken over by P&ID.

Last month, a British judge ruled that a small gas company founded by two Irish businessmen was entitled to take $9.6bn in assets from Nigeria as compensation for losses related to an aborted gas-processing project.

But President Muhammadu Buhari has descibed the deal with the Irish firm as a scam insisting that the country would pursue all legal means to overturn the judgment.

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The Federal High Court in Abuja had on September 19 convicted and ordered the winding down of P&ID Limited and its Nigerian affiliate, P&ID Nigeria Limited.

Justice Inyang Ekwo made the orders after the two firms, through their representatives, pleaded guilty to 11 counts of fraud, money laundering, tax evasion and other sundry charges.

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