Thursday, July 24, 2025
  • REPORT A STORY
  • PRIVACY POLICY
  • CONTACT
WITHIN NIGERIA
  • HOME
  • FEATURES
  • NEWS
  • ENTERTAINMENT
  • FACT CHECK
  • MORE
    • VIDEOS
    • GIST
    • PIECE (ARTICLES)
No Result
View All Result
WITHIN NIGERIA
  • HOME
  • FEATURES
  • NEWS
  • ENTERTAINMENT
  • FACT CHECK
  • MORE
    • VIDEOS
    • GIST
    • PIECE (ARTICLES)
No Result
View All Result
WITHIN NIGERIA
No Result
View All Result
  • HOME
  • FEATURES
  • NEWS
  • ENTERTAINMENT
  • FACT CHECK
  • MORE

UK court orders P&ID to make interim payment of £1.5m to Nigeria

by Adejayan Gbenga Gsong
September 11, 2020
in National
Reading Time: 2 mins read
A A
0
Share on FacebookShare on Twitter

The Process and Industrial Developments (P&ID) has been ordered to pay the federal government £1.5m to cover legal cost incurred in the case between both parties, according to Abubakar Malami, attorney-general of the federation (AGF).

A tribunal had, in 2017, ruled that Nigeria should pay P&ID $6.6 billion as damages over a failed deal, as well as pre and post-judgment interest at 7 percent, estimated at $10 billion.

But on Friday, Nigeria secured a landmark victory in its pursuit to overturn the $10 billion judgement awarded against it in the case.

In a statement on Thursday, Umar Gwandu, spokesperson of Malami, said Ross Cranston, a judge of the Business and Property Courts of England and Wales, who ruled in favour of the country, ordered that Nigeria be paid the sum as part of its successful application for the extension of time to challenge the $10 billion award.

READ ALSO

TRIBUTE: Muhammadu Buhari, ex-Nigerian leader and the political king of North

Three Events Former President Buhari Will Be Remembered For As He Passes On

Tinubu’s ₦38 Trillion Loan Sparks Fear as Nigeria’s Debt May Rise to ₦182 Trillion

How the IPOB sit-at-home order killed over 700 people in four years

TRIBUTE: Peter Rufai: Nigerian Prince who jettisoned Royal trappings for football

“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,” the statement read.

“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.

“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.”

He added that Nigeria remains committed to overturning “the injustice” of the $10 billion award, and will not rest until it secures justice for the people of Nigeria, no matter how long it takes.

RELATED STORYPosts

National

TRIBUTE: Muhammadu Buhari, ex-Nigerian leader and the political king of North

by Sodiq Lawal Chocomilo
July 15, 2025
President Muhammadu Buhari
Analysis

Three Events Former President Buhari Will Be Remembered For As He Passes On

by Caleb Ijioma
July 14, 2025

Discussion about this post

JUST IN

Gombe: Teenager stabs friend to death during argument

by Afolabi Hakim
9:50 Jul 24, 2025

It is gathered that the two friends had gone to the farm…

WITHIN NIGERIA

WITHIN NIGERIA MEDIA LTD.

NEWS, MULTI MEDIA

WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

Follow us on social media:

CORPORATE LINKS

  • About
  • Contacts
  • Report a story
  • Advertisement
  • Content Policy
  • Privacy Policy
  • Terms
 
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • WHO IS WITHIN NIGERIA?
  • CONTACT US
  • PRIVACY
  • TERMS

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

No Result
View All Result
  • HOME
  • FEATURES
  • NEWS
  • ENTERTAINMENT
  • FACT CHECK
  • MORE
    • VIDEOS
    • GIST
    • PIECE (ARTICLES)

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName