UK Court Gives Nigeria More Time To Appeal In $10 Billion Disput

A London court on Friday gave Nigeria more time to appeal in a $10 billion arbitration case, although the Commercial Court ruling did not specify the length of the extension in the long-running dispute.

Process & Industrial Developments (P&ID) won a $6.6 billion arbitration award after a 2010 deal to carry out a gas project in Nigeria collapsed. This has been accruing interest since 2013 and now totals nearly $10 billion, which if Nigeria has to payout would dent the oil-producing country’s foreign reserves.

Nigeria has alleged corruption in the contract and Friday’s ruling will allow the government time to investigate.

The Nigerian government and P&ID, a vehicle created for the gas deal, did not immediately respond to requests for comment.

Before Friday’s decision, Nigeria had sought permission in the English courts to appeal the award, despite having missed the original 28-day appeal deadline. It said new information only came to light in late 2019.

– Reuters