Imagine losing $11 billion not to war, but a signature. That was nearly Nigeria’s fate over a gas deal gone wrong. But on 23 October 2023, after years of quiet grit, a London court gave Nigeria a lifeline, ruling that the entire P&ID case was based on fraud. For once, the gavel fell in favour of the cheated, not the schemers.
The UK court ruling saves Nigeria billions and reasserts the power of accountability in international deals.
Key Takeaways
- A 2010 gas deal between Nigeria and P&ID led to a $6.6 billion arbitration award against Nigeria.
- The award ballooned to over $11 billion with interest before Nigeria challenged it in UK courts.
- A UK judge found the contract and arbitration had been secured through bribery and fraud.
- The Tinubu administration’s refusal to settle early was key to the legal victory.
- The ruling sets a legal and moral precedent against corrupt investment claims.
Conclusion
This ruling hopefully protects Nigeria’s purse and ends impunity in deals that gamble away public trust.
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