A UK court has directed Process & Industrial Developments (P&ID) to pay Nigeria £20 million in damages and compensation following Nigeria’s victory in an $11 billion judgment debt.
The court rejected P&ID’s appeal, citing reprehensible conduct, and ruled that the £20 million must be paid within 28 days.
In October, the UK court upheld Nigeria’s claim that the gas processing contract was obtained by fraud, freeing the country from the $11 billion judgment debt.
ALSO READ:No Respite Yet For Economy As Naira Sinks To All-Time Low Of N1,099.05/$ In Official Market
The court’s latest ruling enforces the payment, denying P&ID’s request for an appeal on the currency. Nigeria had sought at least £20 million to cover damages and legal fees.
