Nigeria secured another victory against Process and Industrial Development (P&ID) in the UK court on Thursday as Sir Ross Cranston ordered it to make an interim payment of £1.5 million to Nigeria.
The amount, to be paid within 21 days, is to cover the legal costs Nigeria incurred as part of a successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.
Both parties appeared in the English High Court today for a scheduled hearing of Nigeria’s case against the P&ID.
The hearing followed the major victory secured by Nigeria last Friday, allowing it to bring a fraud challenge against a $10 billion arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.
The hearing on Thursday decided on procedural and costs issues relating to Nigeria’s applications to challenge the arbitration award, and to determine the short term directions to trial.
A case management conference to determine the full trial window is scheduled to take place after November 2020.
Attorney General of the Federation and Minister of Justice, Abubakar Malami, in a statement via his spokesperson, Umar Gwandu, described the ruling as another crucial win for Nigeria.
“This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID,” Malami said.
“The Attorney General would also like to clarify his remarks made on Arise TV, as reported in the media yesterday.
“There will be no negotiation or talk of settlement with P&ID or any related party by or on behalf of the Federal Government of Nigeria.
“The recent judgment of the English Commercial Court confirmed our view that P&ID and its cohorts are fraudsters who have exploited our country. They will not benefit from their corrupt behaviour.
“This is a classic case with overwhelming fraudulent and corrupt undertones. The Federal Government of Nigeria is not considering any possibility of negotiations with P&ID.
“It has not only fallen within the tall order exception referred to by the Hon Attorney General in his interview with Arise TV yesterday, but lacks any legitimate foundation.
“We will not and cannot negotiate arbitral awards where the basis and foundation rely on fraud, corruption, breach of processes and procedures.
“The Government remains wholly committed to fighting this case to overturn the exorbitant award without paying a single naira of public money to these fraudsters,” Gwandu said.
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