Nigeria has won big again as a London court quashed an $11bn damage bill that Process & Industrial Developments Limited Gas Company, P&ID, brought against Nigeria.
P&ID brought the bill charge against Nigeria for a collapsed gas processing project in Cross River State which the Nigerian Government proved was riddled with corruption.
A report by Reuters said that the court ruled that the gas processing project was procured with a bribe paid to Nigerian oil ministry officials.
In the judgment, Judge Robin Knowles pointed out that P&ID did not disclose the bribery when it proceeded to arbitration against Nigeria.
In a subsequent judgment issued on Thursday, Judge Knowles ruled that the damages being sought by P&ID should be nullified without delay. The judgement also foreclosed any possibility of P&ID ever returning the case to arbitration.
What is more, the court firmly denied P&ID’s request for permission to appeal. This effectively terminated the case as the company will be unable to request authorization from the Court of Appeal.