- The UK Court of Appeal upheld Nigeria’s request for P&ID to pay post-judgment costs in pound sterling rather than naira
- Nigeria successfully defended against P&ID’s $11 billion arbitral award claim, and the court ordered P&ID to pay Nigeria $20 million
The United Kingdom Court of Appeal has upheld Nigeria’s request that the payment of post-judgment costs in the Process and Industrial Developments Company (P&ID) case be made in pound sterling rather than naira.
Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), announced this victory in a statement issued on Friday through his media aide, Kamarudeen Ogundele.
Following Nigeria’s successful defence against P&ID’s $11 billion arbitral award claim, the court ruled that P&ID must cover Nigeria’s litigation costs. P&ID initially sought to minimize these costs by proposing payment in naira, which would have significantly reduced the amount owed.
“This decision marks another failed attempt by fraudulent entities to withhold Nigerian public funds earned through legitimate means. The government is committed in recovering these costs and holding P&ID and its American backers accountable for their fraudulent activities, serving as a deterrent to others of similar intentions. We commend the unwavering dedication of our legal team in achieving this milestone,” the statement read.
In a previous ruling on December 9, 2023, the British Commercial Court rejected P&ID’s final appeal for an $11 billion award against Nigeria. Additionally, the court ordered P&ID to pay Nigeria $20 million within 28 days due to the dismissal of their claims.
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