London’s High Court has dismissed an $11 billion damages claim against Nigeria concerning a collapsed gas processing project linked to bribery, marking a significant legal development.
The case involved a British Virgin Islands-based company, Process & Industrial Developments (P&ID), which took Nigeria to arbitration over the deal, holding the country responsible for approximately one-third of its foreign exchange reserves.
In a ruling last October, Judge Robin Knowles determined that the contract was secured through P&ID’s bribery of a Nigerian oil ministry official. Furthermore, P&ID failed to disclose this bribery during the subsequent arbitration proceedings.
Judge Knowles, in a recent ruling, declared the damages award null and void, rejecting P&ID’s plea to return the case to arbitration.
Additionally, P&ID’s request to appeal against the decision was denied, although the company retains the option to directly seek redress from the Court of Appeal.
