The Federal Government on Thursday secured a landmark victory in its pursuit to overturn a $10 billion judgement awarded against it in a case with Process and Industrial Developments (P&ID) Ltd.
In the judgment delivered on Thursday, Ross Cranston, a judge of the Business and Property Courts of England and Wales, granted Nigeria’s application for an extension of time and relief from sanctions.
On January 31, 2017, a tribunal had ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre- and post-judgment interest at 7 percent.
Also Read: P&ID: Code of Conduct Bureau receives petition against Justice Belgore
The current outstanding amount is estimated at $10 billion.
Editor: Omor Bazuaye
