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UPDATE 3-UK court allows Nigeria more time to appeal in $10 billion dispute

Published 04/09/2020, 11:44
Updated 05/09/2020, 00:24
© Reuters.

(Adds P&ID comment)
By Libby George
LAGOS, Sept 4 (Reuters) - A London court has given Nigeria
more time to appeal in a $10 billion arbitration case, although
Friday's Commercial Court ruling did not specify the length of
the extension in the long-running dispute.
Process & Industrial Developments (P&ID) won a $6.6 billion
arbitration award after a 2010 deal to carry out a gas project
in Nigeria collapsed. This has been accruing interest since 2013
and now totals nearly $10 billion, which if Nigeria has to
payout would dent the oil-producing country's foreign reserves.
Nigeria has alleged corruption in the contract and the
ruling will allow the government more time to investigate.
"We will now proceed to a full hearing of our fraud
challenge in the coming months," a spokesman for Nigeria's
attorney general said following the ruling.
"We are firmly committed to overturning the award – no
matter how long it takes – to ensure that this money goes
towards Nigeria's future," he added.
P&ID, a vehicle created for the gas deal, said in a
statement that it "welcomes the opportunity to refute Nigeria's
false allegations and wild conspiracy theories at trial, and has
every confidence that the English Commercial Court will resolve
the case justly and expeditiously."
Nigeria had sought permission to appeal the award, despite
having missed the original 28-day appeal deadline. It said new
information only came to light in late 2019.

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