Process and Industrial Development, the beneficiary of an award of $9.6bn handed down against Nigeria by a London arbitration tribunal in January 2017, has laid claim to another victory at the ongoing enforcement proceedings before the English Commercial Court in London.
The British Virgin Island firm in an e-mail sent to our correspondent on Sunday gave a brief account of the proceedings of the English Commercial Court which held on Friday.
The firm had on August 16, 2019, obtained a judgment of the English court permitting it to commence the enforcement of the $9.6bn arbitral award.
Alleging fraud in the signing of the contract leading to the decision of the arbitration tribunal, the Federal Government has initiated a series of legal proceedings in the English court to challenge its judgment validating the $9.6bn award.
A hearing in respect of the Federal Government’s case challenging the judgment came up before the English court on Friday.
P&ID’s account of the Friday’s proceedings was different from the one earlier given by the spokesperson for the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), Dr Umar Gwandu.
By the AGF’s account of the proceedings, parties to the case through their lawyers appeared in the English High Court for “a scheduled case management conference on Friday.”
The statement added that with the timetable set by the court on Friday, “P&ID has 28 days to respond to the application for the extension of the time to challenge the arbitral award.”
It said the court would thereafter set a date for hearing of the Federal Government’s application.
But the P&ID said on Sunday that the English court delivered a ruling in its favour and against Nigeria.
