The eight-week hearing in a British court where Nigeria asked for the large arbitration verdict in favour of Process & Industrial Development Ltd., backed by hedge funds, to be thrown out, has concluded.
According to Bloomberg on Friday, the $11 billion UK trial that might cost Nigeria a third of its foreign reserves included claims of six-figure bribes, dubious middlemen, and faked evidence.
The Federal Government is asking the UK High Court to quickly invalidate the arbitration ruling in favour of P&ID in the matter of Nigeria v. Process & Industrial Developments Ltd., case number CL-2019-000752, in the King’s Bench Division of the High Court of Justice of England and Wales.
Lawyers for both sides traded allegations of bribery, duplicity and incompetence during the trial.
A verdict has not been reached on the matter.
$11 Billion Trial: FG Files New Claims Against P&ID
The arbitration award that Nigeria is contesting is over a collapsed gas project.
Legal news outlet, Law 360, which was in court, revealed that the lawyers for the oil and gas company argued that the contract between P&ID and Nigerian government officials is not “a story of fraud” but that it is Nigerian “institutional incompetence.”
Meanwhile, FG argued that the firm had won the deal through dishonest means; bribery.
The arbitration award of $6.6 billion was issued in London in 2017 but it has grown to $11 billion with interest. Counsels working on the case stand to earn upwards of $825 million if the award is upheld and thereafter enforced.
Law 360 said the Federal Government is represented by Mark Howard KC and Tom Pascoe of Brick Court Chambers, Philip Riches KC of Twenty Essex and Sebastian Mellab and Tom Ford of Essex Court Chambers, instructed by Mishcon De Reya LLP.
FG Wants UK Court To Invalidate $11 Billion In P&ID Debt
The defendants are represented by David Wolfson KC and Henry Hoskins of One Essex Court and Alexander Milner KC and Max Evans of Fountain Court Chambers, instructed by Quinn Emanuel Urquhart & Sullivan LLP, whose team was led by Nick Marsh, Ted Greeno and Marina Boterashvili.
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