As a reminder, the Business and Property Court in London has issued a halt to the enforcement of the $11 billion arbitration award in favor of P&ID against Nigeria
The judgment delivered by Justice Robert Knowles determined that P&ID’s acquisition of a 2010 contract to construct a gas processing plant in Calabar, Cross River State, was fraudulent.
Nigeria has been engaged in a longstanding dispute with Process & Industrial (P&ID) since the company accused the Nigerian government of mishandling an agreement by failing to provide gas as stipulated.
P&ID contended that Nigeria breached the terms of the contract by not supplying the necessary gas for the power plant it intended to construct for the country.
During the administration of Former President Goodluck Jonathan, an out-of-court agreement was reached for a $850 million payment, and the disbursement was handled under President Buhari’s administration.
However, President Buhari opposed the idea of paying the agreed sum, set aside the settlement agreement, and contested the award’s enforcement before the English Commercial Court.
In the final judgment, Justice Knowles ruled in favor of Nigeria, thereby halting the award, which initially favored P&ID.
Discussing this development on his X account, Ahmad alleged that the company had expended substantial amounts of money to influence various media outlets both in Nigeria and abroad in an attempt to defraud the country of more than eleven billion
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