A UK court has dismissed P&ID's appeal against halting an $11 billion award enforcement and upheld a £43 million compensation to Nigeria. The court ruled Nigeria's legal fees paid in sterling should be reimbursed in sterling, rejecting P&ID's argument to convert the costs to naira.
A UK court has dismissed the appeal of Process & Industrial Development (P&ID) against a previous judgment that halted the enforcement of an $11 billion award against Nigeria.
The Court of Appeal, led by Lord Justice Snowden, upheld the £43 million compensation to Nigeria for legal fees and disbursements, arguing that since Nigeria paid its legal costs in sterling, the order should remain in sterling.
P&ID's appeal centered on whether the cost order should have been in naira instead, given Nigeria's funding mechanism, but the court found Nigeria's arguments persuasive.
This ruling is significant as it confirms that the original $11 billion arbitral award, obtained by P&ID amid allegations of fraud and bribery, remains unenforceable.
