Nigeria Wins on Appeal a Breach of Contract Gas Project Case, Overturning $11 Billion Arbitration Claim
Originally, for undermining a gas contract, a London arbitration court ordered the West African state to reimburse the engineering firm P&ID, located in the British Virgin Islands, for almost $6.6 billion in lost revenues. That sum would have increased to $11 billion by 2023.
On the other hand, the government persisted in an appeal alleging that P&ID offered kickbacks and other monetary inducements to senior officials in exchange for winning the contract.
President of Nigeria Bola Tinubu enthusiastically praised the court’s decision. He has declared that “it is a victory for our long-exploited continent and for the developing world at large, which has for too long been the victim of unjust economic malpractice and overt exploitation”