September 7, 2020/Coronation Report

It is easy to forget – because the case rumbles on in foreign courtrooms – the danger posed to the Federal Government of Nigeria (FGN) by the award against it of US$6.6bn in favour of the engineering firm Process & Industrial Developments (P&ID).

With accrued interest the award has ballooned to some US$10.0bn and, if enforced internationally, could lead to the freezing of FGN assets. Fortunately, Nigeria won the right to present new evidence in an unusual judgement in the High Court in London last week.

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