$10 Billion Debt: English Court Orders P&ID To Pay Nigeria £1.5 Million

$10 Billion Debt: English Court Orders P&ID To Pay Nigeria £1.5 Million

By Wires Editor | The Trent on September 11, 2020
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Kolapo Olusola, Kayode Fayemi, Asuquo Amba, Caleb Ikechukwu, kogi, offa COURT bail

Nigeria got an edge over Irish firm, Process and Industrial Development (P&ID) on Thursday, September 10, 2020, as an English court ordered it to pay the country £1.5million within 21 days to cover legal costs incurred as part of its successful application for extension of time to challenge the $10billion arbitration award and procedural hearing earlier in the year.

Umar Jibrilu Gwandu, the spokesman to the Attorney General and Minister of Justice, Abubakar Malami, stated this in a statement late on Thursday.

The statement reads: “The Federal Republic of Nigeria, FRN, today appeared in the English High Court for a scheduled hearing.

“The hearing followed the major victory secured by FRN last Friday, allowing it to bring a fraud challenge against a $10 billion arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.

‘’FRN will now proceed to a full fraud trial. The hearing today (Friday) was held to decide procedural and costs issues relating to the FRN’s applications to challenge the arbitration award, and to determine the short term directions to trial.

“Cranston J ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs the FRN incurred as part of their successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.

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“A case management conference to determine the full trial window is scheduled to take place after November 2020.

“This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID.

“We are pleased that the English Courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award.

‘This is a significant blow for P&ID, who continue to attempt to delay the process.

“To date, P&ID and its financial backer, VR Capital, have not produced a single document or credible witness to challenge the FRN’s fraud evidence.

“Instead, they continue to resort to disseminating misleading claims, while taking every step possible to delay or obstruct our investigations across multiple jurisdictions.

“The FRN remains firmly committed to overturning the injustice of the $10 billion award, and will not rest until we secure justice for the people of Nigeria – no matter how long it takes.

“Investigations into the GSPA are ongoing, and we are confident that more of the truth will be revealed over the coming months.”

Source: The Nation

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