P&ID: Court Grants Nigeria Extension of Time to Set Aside $10billion Fine

The Business and Property Courts of England and Wales, United Kigdom, has held that Nigeria has successful established a prima facie case against Process and Industrial Development Limited (P&ID) in the Gas Supply Processing Agreement (GSPA) thus granted Nigeria’s application for extension of time to set aside the $9.6billion arbitral award against the country.

The judge, Sir Ross Cranston, on Friday, said that Nigeria successfully established a prima facie case of fraud against P&ID in the gas supply contract.

He held that Nigeria acted reasonably well and that the delay in bringing the allocation was not deliberate.

According to him, the balance of fairness necessitated that Nigeria be given the opportunity to argue her case to set aside the judgement.

The judge said: “With that as background I find persuasive Mr. Howard’s submission that the fairness factor does have an impact in challenges where there is strong prima facie evidence of fraud, certainly of the through-going character alleged in this case.

“Not only is the integrity of the arbitration system threatened, but that of the court as well, since to enforce an award in such circumstances would implicate it in the fraudulent scheme. Conclusion on the Kalmneft factors.”

The judge further held that the delay in this case was extraordinary and weighed heavily on the side of the balance against an extension.

About Yusuf Issa

Check Also

BUA Cement Nets N95bn Profit in 2020

BUA Cement has earned a gross profit of N95.4 billion in its unaudited 2020 Full …

Leave a Reply

Your email address will not be published. Required fields are marked *