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  4. Nigeria's $10 billion dispute with firm to go to trial in UK in 2023
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Nigeria's $10 billion dispute with firm to go to trial in UK in 2023

LONDON (Reuters) - Nigeria's dispute with a British Virgin Islands-based firm over an arbitration award worth $10 billion will go to trial at the High Court in London in January...
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Nigeria's $10 billion dispute with firm to go to trial in UK in 2023

LONDON (Reuters) - Nigeria's dispute with a British Virgin Islands-based firm over an arbitration award worth $10 billion will go to trial at the High Court in London in January 2023, a spokesperson for the Nigerian government said on Thursday.

The firm, Process & Industrial Developments (P&ID), won a $6.6 billion award from a London court after a 2010 deal for it to carry out a gas project in Nigeria collapsed. The Nigerian government wants to have the award overturned.

The award has been accruing interest since 2013 and is now worth $10 billion, which Nigeria says could cover its health budget 10 times over. It has alleged that the gas deal was an elaborate scam designed to defraud the Nigerian state.

P&ID, a vehicle created for the defunct gas deal, has denied the allegation and accused the Nigerian government in the past of "false allegations and wild conspiracy theories".

Representatives for the firm did not immediately respond to a request for comment on Thursday.

The British courts are facing an enormous backlog of work after more than a year of on-off COVID-19 restrictions that have delayed many cases, leading to trial dates being set far into the future.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 FTSE 1008,144.13Sell
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 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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