Relief as British Court grants Nigeria more time to appeal P&ID $9.6bn judgment
Nigeria heaved a sigh of relief on Friday as a British court granted her application for an extension of time to appeal against the $9.6bn arbitral award delivered in favour of a British Virgin Island, Process, and Industrial Development, (P&1D).
The ruling was delivered by the British court on Friday, according to Reuters.
Nigeria had applied to the court for an extension of the time to appeal against the award having earlier missed the initial 28 days deadline.
The London arbitration panel had in January 2017 issued the award against Nigeria for a breach of a 2010 gas supply contract it entered into with P&ID.
The arbitral award was confirmed by a British court in a judgment delivered in 2019.
The Federal Government has been battling to have the judgment set aside on the grounds that the contract leading to the arbitral award was fraudulent.
The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), had on Thursday said at a virtual conference to mark the African Arbitration Day said the whole saga associated with P&ID contract was a product of corruption, fraud, and non-compliance with processes and procedures.
He however said Nigeria had learnt her lessons from the entire scenario.