Home Economy FG files Appeal on P & ID’s $9.6bn claim

FG files Appeal on P & ID’s $9.6bn claim

by Business News Report

The Federal Government on Friday, December 6, 2019, filed a new and substantive challenge in the English Courts, in its ongoing fight against the Process and Industrial Development Limited (P&ID). The filing, which is a major step forward in their bid to overturn the injustice of the US$9.6 billion award, challenges both the underlying arbitral award and its enforcement, and lodges a fresh appeal against the subsequent High Court judgment. 

The lawyers argued that, based on new evidence that has come to light in recent investigations, the original contract was a sham commercial deal and designed to fail from the outset. They attributed the discovery to President Muhammadu Buhari’s anti-corruption efforts spearheaded by the Economic and Financial Crimes Commission (EFCC). 

The challenge further argued that the GSPA (gas supply and processing agreement) was procured based on fraud and corruption, while the subsequent arbitral process was riddled with irregularities and deliberately concealed from the rest of the Government.

The filing is a significant step forward in the Federal Government’s effort to secure justice for Nigeria. The Federal Government had recently expanded its legal team, to include leading London law firm Mishcon de Reya. The team is led by Shaistah Akhtar, Partner, and Mark Howard QC of Brick Court Chambers. The expansion will enable the Federal Government to launch in full its investigations and challenges.”

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