Nigeria awaits judgement in $11bn P&ID trial
The eight-week trial at a court in the United Kingdom where Nigeria requested the dismissal of the massive arbitration award in favour of hedge fund-backed Process & Industrial Development Ltd, has come to an end.
According to Bloomberg on Friday, allegations of six-figure bribes, shady middlemen and fabricated evidence featured in the $11 billion UK trial that could cost Nigeria a third of its foreign reserves.
The case is 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, where the Federal Government is praying the UK High Court to dismiss the arbitration award in favour of P&ID as soon as possible.
Lawyers for both sides traded allegations of bribery, duplicity and incompetence during the trial.
A verdict has not been reached on the matter.
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.
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.