UPDATE 1-UK court gives Nigeria more time to appeal in $10 billion dispute
LAGOS, Sept 4- A London court on Friday gave Nigeria more time to appeal in a $10 billion arbitration case, although the Commercial Court ruling did not specify the length of the extension in the long-running dispute. Process& Industrial Developments won a $6.6 billion arbitration award after a 2010 deal to carry out a gas project in Nigeria collapsed.
By Libby George
LAGOS, Sept 4 (Reuters) – A London court on Friday gaveNigeria more time to appeal in a $10 billion arbitration case,although the Commercial Court ruling did not specify the lengthof the extension in the long-running dispute.
Process & Industrial Developments (P&ID) won a $6.6 billionarbitration award after a 2010 deal to carry out a gas projectin Nigeria collapsed. This has been accruing interest since 2013and now totals nearly $10 billion, which if Nigeria has topayout would dent the oil-producing country’s foreign reserves.
Nigeria has alleged corruption in the contract and Friday’sruling will allow the government time to investigate.
The Nigerian government and P&ID, a vehicle created for thegas deal, did not immediately respond to requests for comment.
Before Friday’s decision, Nigeria had sought permission inthe English courts to appeal the award, despite having missedthe original 28-day appeal deadline. It said new informationonly came to light in late 2019.(Reporting by Libby George; Writing by Paul Carsten; Editing byToby Chopra and Alexander Smith)
ANA NEWS WIRE Disclaimer:
The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality.
ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video. Where errors do appear, ANA will seek to correct these timeously and transparently.
The ANA platform also contains news and information from third party sources. ANA has sought to procure reliable content from trusted news sources but cannot be held responsible for the accuracy and opinions provided by such sources on the ANA platform or linked sites.
The content provided for on the ANA News Wire platform, both through the ANA news operation and via its third party sources, are for the sole use of authorised subscribers and partners. Unauthorised access to and usage of ANA content will be subject to legal steps. ANA reserves its rights in this regard.
ANA makes every effort to ensure that the website is up and running smoothly at all times, however ANA does not take responsibility for, and will not be held liable for times when the website is temporarily unavailable due to technical issues that are beyond our control.