In a significant legal victory, the Federal Government of Nigeria has successfully prevailed over Process & Industrial Developments (P&ID) Limited in a long-standing case before a London court.
The ruling concluded five years of legal proceedings and saw the court quashing the staggering $11 billion arbitration award previously granted in favor of P&ID.
The judgment was delivered through email by Robin Knowles, a distinguished Justice of the Commercial Courts of England and Wales. It is a verdict of paramount importance for Nigeria, firmly grounding its contention that the gas processing contract had been procured through fraud.
The legal confrontation unfolded within the Business and Property Court in London, pitting the Federal Government of Nigeria against P&ID Limited.
This pivotal ruling follows an encouragement by Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to the successful bidders of the Nigerian Gas Flare Commercialisation Programme (NGFCP), urging them to expedite site development.