Newsbreak: Nigeria defeats P&D as British Court throws away $11bn fine

By Ologeh Joseph

The Nigerian government today secured a major victory in International Arbitration when the British court threw away a fine of $11b earlier awarded against Nigeria.

The fine was almost enough to bring Nigeria on her kneels economically speaking.

The legal fireworks have been on for the past five years.

P&D secured a contract in Nigeria which went sour. The company sued the Nigerian Government and altered secured billions of dollars in fine against Nigeria.

Nigerian Government secured legal experts who argue that the company secured the contract through fraudulent mans

But a lower court in the UK had fined Nigeria to the tune of $11 billion arbitration award in favour of P&ID.

Today in a judgment ruled Robin Knowles, Justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer to dismiss the fine.

The Court held the ground that the ill-fated gas processing contract was secured through illegitimate means.

Irohinoodua was informed that the ruling has caused excitement in the Presidency.

Before now there were fears that if Nigeria loses, the fine would compound a fragile economy that has seen inflation jump to 26 percent in the face of dwindling power of the Naira.

A tribunal on January 31, 2017 asked Nigeria to pay $6.6 billion to P&ID.

The money was with interests beginning from March 20, 2013.