UK Court orders P&ID to pay Nigeria £1.5m

164

Nigeria has secured another victory against Process and Industrial Development (P&ID), as a UK court on Thursday ordered the firm to make an interim payment of £1.5 million pounds to the Nigerian government.

The amount is to cover the legal costs Nigeria incurred as part of a successful application for the extension of time to challenge the  $10 billion arbitration award, issued in favour of the company.

According to the court, the money must be paid within the next 21 days.

It follows a major victory secured by Nigeria last Friday, allowing it to challenge the arbitration award obtained by P&ID well outside the normal time limits.




Leave a Reply

Your email address will not be published. Required fields are marked *