Nigeria on Friday filed a new and substantive suit to give impetus to the ongoing fight against the P&ID in English Courts.
A statement issued by Dr. Umar Jibrilu Gwandu, the Special Assistant Media and Public Relations officer to the Attorney-General of the Federation and Minister of Justice announced this on Friday
According to the statement, the fresh suit is a major step forward, in a bid to overturn the injustice of the US$9.6 billion awards.
“The filing challenges both the underlying arbitral award and its enforcement, and lodges a fresh appeal against the subsequent High Court judgment,” the statement said.
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“Based on new evidence that has come to light in recent investigations, it is clear that the original contract was a sham commercial deal and designed to fail from the outset. The fraud was only recently discovered as a result of President Buhari’s anti-corruption efforts spearheaded by the Economic and Financial Crimes Commission”.
Nigeria in the suit argued that the Gas Supply and Processing Agreement (GSPA) was procured on the basis of fraud and corruption, while the subsequent arbitral process was riddled with irregularities and deliberately concealed from the rest of the Government.
Solacebase recalled that a UK Business & Property Courts (the Commercial Court), presided by Justice Butcher, on August 16 granted P&ID’s request to enforce a March 20, 2013 award against Nigeria by a District Circuit Court in Washington DC.
However, on September 26, a UK Commercial Court granted the Nigerian government’s application for a ‘stay of execution’ of a $9 billion judgment debt in favour of the Irish firm, P&ID.
The judge, however, ordered that Nigeria should deposit $200 million in the court’s account within 60 days pending its appeal, and Nigeria must pay some court costs to P&ID within 14 days
The filing is a significant step forward in the Federal Government’s fight to secure justice for the people of Nigeria.
The Federal Government recently expanded its legal team, to include leading London law firm Mishcon de Reya. The team is led by Shaistah Akhtar, Partner, and Mark Howard QC of Brick Court Chambers.
The expansion will enable the FGN to launch in full its investigations and challenges,” the statement added.
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