The Process and Industrial Developments (P&ID) has been ordered to pay the federal government £1.5m to cover legal cost incurred in the case between both parties, according to Abubakar Malami, attorney-general of the federation (AGF).
But on Friday, Nigeria secured a landmark victoryin its pursuit to overturn the $10 billion judgement awarded against it in the case.
In a statement on Thursday, Umar Gwandu, spokesperson of Malami, said Ross Cranston, a judge of the Business and Property Courts of England and Wales, who ruled in favour of the country, ordered that Nigeria be paid the sum as part of its successful application for the extension of time to challenge the $10 billion award.
“FRN will now proceed to a full fraud trial. The hearing today (Friday) was held to decide procedural and costs issues relating to the FRN’s applications to challenge the arbitration award, and to determine the short term directions to trial.
“Cranston J ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs the FRN incurred as part of their successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.
“This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID.
“We are pleased that the English Courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award.
‘This is a significant blow for P&ID, who continue to attempt to delay the process.
“Instead, they continue to resort to disseminating misleading claims, while taking every step possible to delay or obstruct our investigations across multiple jurisdictions.”
He added that Nigeria remains committed to overturning “the injustice” of the $10 billion award, and will not rest until it secures justice for the people of Nigeria, no matter how long it takes.
