Nigeria has won its bid to overturn an $11 billion damages bill involving the controversial Process & Industrial Developments (P&ID) deal.
Nigeria claims that the collapsed gas processing project was procured by a campaign of bribery and fraud.
Nigeria has now succeeded in halting the enforcement of the $11 billion arbitration award in favour of P&ID.
In a judgment Monday, a UK court upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud.
Process & Industrial Developments (P&ID) was awarded a 20-year contract in 2010 to construct and operate a gas processing plant.
Upon the failure of the deal, the little-known British Virgin Islands-based company took Nigeria to arbitration over the deal.
In another story, the value of the naira continued its downward spiral at the opening of business activities on Monday crashing at the parallel market to N1,210 to the dollar as against N1,170 which it closed last week.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), also known as the Importers and Exporters window, the naira depreciated last week by 5.4 per cent to NGN808.27 to the dollar.
Parallel market traders say the continuous decline in the value of the naira is due the scarcity of the greenback in the market.
