More revelations have emerged on the botched legal process instituted by Process and Industrial Developments Ltd (P&ID) against Nigeria which has now cost the country $9.6 billion in judgment debt that could cause further fiscal crisis should Nigeria eventually lose its latest appeal.
P&ID Limited, a company set up in the British Virgin Islands by two Irish businessmen, was contracted by the Federal Government to build a gas refinery in Calabar, in the oil-rich Niger Delta, with the company later alleging a breach on the part of the Federal Government and seeking legal redress.
A London tribunal ruled earlier this month that Nigeria that was obligated to pay compensation to P&ID. Two of…
Source: Nigerian Tribune
