Nigeria files appeal on P & ID’s $9.6bn claim

The Nigerian government on Friday, December 6, 2019, filed a new and substantive challenge in the English Courts, in its ongoing fight against the Process and Industrial Development Limited (P&ID).

The filing, which is a major step forward in the government’s bid to overturn the injustice of the US$9.6 billion award, challenges both the underlying arbitral award and its enforcement, and lodges a fresh appeal against the subsequent High Court judgment.

The lawyers argued that, based on new evidence that has come to light in recent investigations, the original contract was a sham commercial deal and designed to fail from the outset. They attributed the discovery to President Muhammadu Buhari’s anti-corruption efforts spearheaded by the Economic and Financial Crimes Commission (EFCC).

The challenge further argued that the GSPA (gas supply and processing agreement) was procured based on fraud and corruption, while the subsequent arbitral process was riddled with irregularities and deliberately concealed from the rest of the Government.

The filing is a significant step forward in the Federal Government’s effort to secure justice for Nigeria.

The Federal Government had 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 Federal Government to launch in full its investigations and challenges.”

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.