₦airaland Forum

The Nigerian government has been saved from dealing with a huge financial burden from further foreign exchange problems through judgment debt as the Commercial Court in London accepted the contract in dispute with Process and Industrial Developments Limited (P&ID) was tainted by corruption.

After five years of legal battles, the judgement ruled in Nigeria's favour on Monday, 23 October, dismissing the $11 billion arbitration award that P&ID issued. It all started when Nigeria had been in dispute with P&ID over a failed 2010 deal to construct a gas processing plant, which was given a judgement of $9 billion but has now risen to $11 billion.

In 2012, P&ID initiated arbitration against Nigeria, claiming that the country violated the terms of its agreement by failing to provide gas for the power plant it wanted to build for the country. This disrupted the construction of the gas project agreed to by the government of former President Umaru Yar'Adua and led to P&ID gaining no potential benefits expected from 20 years' worth of gas supplies with "anticipated profits of $5 to $6 billion."

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Meanwhile, the government want to borrow millions of dollars to buy exortic cars for members of the National Assembly

Chinjo2:
Meanwhile, the government want to borrow millions of dollars to buy exortic cars for members of the National Assembly

This country will not kill somebody🤦