It is a miracle: P&ID which felt it could pocket more than a third of Nigeria’s budget has been asked by an English Court to pay Nigeria “£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”. I join my fellow citizens to congratulate Team Nigeria for this partial victory while challenging them NOT to be carried away.
The way the court has ruled for Nigeria, if the same court rules WHEN it matters against it, it would be harder to claim the court is biased against it. So, we need to stay focused and get this done, completely. It is never over until it is over especially when it involves foreign courts and Nigeria. Yes, do not over-celebrate because we have seen surprises in London, Rome, etc when it comes to contracting issues and oil sleaze
The Federal Republic of Nigeria (FRN) Thursday appeared in the English High Court for a scheduled hearing. The hearing followed the major victory secured by FRN last Friday, allowing it to bring a fraud challenge against a $10 billion arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.
The sitting Judge of the High Court, 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. A case management conference to determine the full trial window is scheduled to take place after November 2020.
[…]
“There will be no negotiation or talk of settlement with P&ID or any related party by or on behalf of the Federal Government of Nigeria. The recent judgment of the English Commercial Court confirmed our view that P&ID and its cohorts are fraudsters who have exploited our country. They will not benefit from their corrupt behaviour.
“This is a classic case with overwhelming fraudulent and corrupt undertones. The Federal Government of Nigeria is not considering any possibility of negotiations with P&ID. It has not only fallen within the tall order exception referred to by the Hon Attorney General in his interview with Arise TV yesterday, but lacks any legitimate foundation. We will not and cannot negotiate arbitral awards where the basis and foundation rely on fraud, corruption, breach of processes and procedures.”
---
Register for Tekedia Mini-MBA (Jun 3 - Sep 2, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
I am backing Team Nigeria one hundred percent! I mean, I will personally feel horrible, as if I signed off the bad deal myself, if the final judgement goes against us.
This P&ID of a company never built anything here, being clever to reap where they did not sow won’t work for them this time.
Never give up!
God bless Nigeria.