Nigeria has been granted relief from a $10 billion judgement awarded against it in favour of Process and Industrial Limited (P&ID).
Judge Ross Cranston of the Business and Property Courts of England and Wales granted Nigeria’s application for extension of time as well as relief from the $10 billion sanction.
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A January 2017 judgement had ordered Nigeria to pay $6.6 billion in damages to P&ID including accrued interests which amounted to $10 billion.
The Nigerian government argued against the judgement saying the contract P&ID had sued for was granted under Illegal circumstances. They alleged that the company has bribes officials to get a gas supply and processing agreement contract in 2010.
The initial judgement would have affected Nigeria really bad due to the prevailing economic situation.
P&ID had moved to sell of Nigerian assets abroad to offset the judgement amount before an appeal was made.