Download the Full Decision in FRN v. P&ID Ltd as FG Reacts
On Friday, September 4, 2020, the Commercial Court Sub – Division of the High Court of England and Wales published Sir Ross Cranston’s judgment in The Federal Republic of Nigeria v. Process & Industrial Developments Ltd [2020] EWHC 2379 (Comm).
The High Court granted Nigeria’s request for an extension of time to challenge the enforcement of the arbitral award granted in favour of Process & Industrial Developments Ltd (P&ID) in relation to a dispute over a gas processing contract entered into between Nigeria and P&ID in 2010.
By the arbitral award, Nigeria was ordered to pay damages of US$6.6 billion for failure to fulfill its obligations under the gas contract with P&ID as well as pre- and post-judgment interest at 7 percent, which increased the judgment sum to about US$10 billion.
Following the ruling of the High Court presided over by Sir Cranston published on Friday, Nigeria’s Presidency expressed delight and satisfaction with the ruling of the English High Court.
Mr. Garba Shehu, official spokesperson of the Nigerian President Muhammadu Buhari, in a series of tweets published on Friday, noted that the judgment had given relief to the Nigerian government to further protect its national assets from criminally-minded organizations and individuals.
Shehu also said that the Presidency was pleased with the processes leading to the judgment in the English Court. He added that the views of the Court provided sufficient grounds for the Federal Government to go ahead and challenge the frauds perpetrated by P&ID and overturn the arbitration award.
Download the full judgment here:
