Monday, December 4, 2023

$11bn Debt: Nigeria Wins Case Against P&ID

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Nigeria has won its case against the Process and Industrial Developments Company, P&ID.


In the case marked CL-2019-000752, the Federal Government sought to overturn an arbitration award in favour of P&ID which has now accrued interest worth $11 billion.

The company had claimed it entered into an agreement with Nigeria to build a gas processing plant in Calabar, Cross River State, but the deal collapsed because the Nigerian government did not fulfil its end of the bargain.

A London High Court has now delivered judgement in Nigeria’s favour.

Details later…

In other news, the Supreme Court has reserved judgment in the petition by the presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar, seeking to void the declaration of President Bola Ahmed Tinubu as winner of the 2023 presidential election.


Justice John Inyang Okoro, who led a 7-man panel of Justices of the Court in Monday’s proceedings, announced reservation of the final judgment after taking arguments from lawyers in the matter.

Justice Okoro said parties in the matter would be communicated as soon as the judgment date is fixed.

Meanwhile, Atiku Abubakar on Monday at the Supreme Court insisted that President Bola Tinubu must be disqualified from the 2023 presidential election.

Atiku maintained that Tinubu was not Constitutionally qualified to stand for the election at the time he did.

READ ALSO: Tinubu’s victory: Gbajabiamila, Ganduje, Nuhu Ribadu Arrive As Supreme Court Begins Hearing

The former Vice President through his lead counsel, Chris Uche SAN, asked the apex court to invoke the provisions of the Constitution to annul Tinubu’s in the election.

He predicated his request for Tinubu’s disqualification on alleged certificate forgery and lying on oath.

In the absence of outright disqualification, Atiku pleaded with Justice John Inyang Okoro-led panel to order a rerun between him and Tinubu.

READ ALSO: Supreme Court Panel For Atiku, Obi’s Petitions Unveiled

However, Tinubu through his lead counsel, Wole Olanipekun SAN, asked the court to dismiss Atiku’s claims of certificate forgery and lying on oath.

The senior lawyer insisted that Atiku’s allegations are unsubstantiated and cannot enjoy any probate value until proven beyond reasonable doubt as required by law.

The Independent National Electoral Commission, INEC, represented by Abubakar Mahmoud SAN, also canvassed that Atiku’s petition be thrown out for want of merit.

The All Progressives Congress, APC, led by Chief Akin Olujinmi SAN, adopted the position of Olanipekun in calling for dismissal of the petition.


Photo Credit: Getty
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