• Nigerian government overturns $11 billion arbitration award in UK court
• Award linked to failed gas deal dispute with P&ID
• Allegations of bribery and corruption in securing the contract

The Nigerian government has secured a significant victory in a London Court, overturning an $11 billion (£9 billion) arbitration award granted to a company following a dispute over a failed gas deal.

This award, initially granted in 2017 and later increased in 2019 to include interest, represented a substantial portion of Nigeria’s foreign reserves.

This legal battle has been ongoing between the Nigerian government and the British Virgin Islands-based company, Process and Industrial Developments Limited (P&ID).

Nigeria’s legal team argued that P&ID had engaged in corrupt practices to secure the contract and had manipulated lawyers to access confidential documents.

P&ID, in response, denied these allegations and attributed the failure of the gas deal to institutional incompetence.

Nigerian President Bola Ahmed Tinubu welcomed the decision by the Business and Property Court in London, hailing it as a triumph not only for Africa but also for the developing world, which, he noted, had historically suffered from “blatant exploitation.”

The campaign group Spotlight on Corruption contended that Nigeria’s economic prospects had been hindered by an arbitration award they claimed was founded on bribery and deception.

In the ruling issued on Monday, the judge determined that P&ID had indeed paid bribes to a Nigerian oil ministry official in connection with a 2010 gas contract and had failed to disclose this crucial information when initiating legal action against Nigeria after the deal’s collapse.

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