British court awards Nigeria more time to appeal $10 bln arbitration case

By anaafrica On Sep 4, 2020

ABUJA, Sept 4- A British court awarded Nigeria more time to appeal a $10 billion arbitration case with the company Process& Industrial Developments. P&ID won a $6.6 billion arbitration award after a 2010 deal to carry out a gas project in Nigeria collapsed. The award has been accruing interest since 2013 and is now worth nearly $10 billion.

ABUJA, Sept 4 (Reuters) – A British court awarded Nigeria

more time to appeal a $10 billion arbitration case with the

company Process & Industrial Developments (P&ID).

P&ID won a $6.6 billion arbitration award after a 2010 dealto carry out a gas project in Nigeria collapsed. The award hasbeen accruing interest since 2013 and is now worth nearly $10billion.(Reporting by Libby George; Writing by Paul Carsten; Editing byToby Chopra)

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