Nigeria has succeeded in overturning the enforcement of the $11 billion arbitration award in favor of Process and Industrial Developments (P&ID) after a five-year-long legal battle.
Justice Robin Knowles of the Commercial Courts of England and Wales delivered the judgment via email, ruling in favor of Nigeria on the grounds that the award had been obtained through fraudulent means.
The ruling opens up three options for Justice Knowles: returning the award to the tribunal for reconsideration, setting the award aside in part or in whole, or declaring the award to be of no effect, either in part or entirely.
The parties involved will have the opportunity to make their arguments on the next course of action at a later date.
This victory comes after Nigeria’s legal team argued that the contract and arbitration award were secured through “an audacious fraud on Nigeria.”
They presented substantial evidence during the two-month trial that took place between January and March 2023, highlighting corruption and money laundering convictions of some individuals involved.
Justice Knowles, in his ruling, emphasized the severity of the fraud and its contradiction to public policy.
This decision marks a significant milestone in Nigeria’s legal battle and showcases the effectiveness of the legal system in addressing irregularities and upholding the rule of law.
The ruling not only relieves Nigeria from a substantial financial burden but also underscores the importance of fair and transparent legal proceedings in international arbitration cases.
