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Business Maverick: Hedge Fund-Backed Firm Fights Nigeria for $11 Billion Payout

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Nigeria cooked up fictitious allegations in a politically motivated campaign to dodge a massive $11 billion arbitration award, a hedge-fund backed firm claimed at a London trial over the legality of the disputed payout.

Process & Industrial Development Ltd., jointly owned by a British lawyer’s litigation funding firm and VR Capital Group Ltd., said in filings prepared for the trial that Nigeria is a society “where the rule of law is patchy” and that authorities imprisoned people close to P&ID in “shocking conditions” to pressure them into false confessions.

The firm’s response follows Nigeria’s allegations that P&ID bribed government officials in Nigeria to secure a 20-year free gas supply contract in 2010. After the deal failed, P&ID started an arbitration case and bribed legal officials working for or hired by the previous government to collude with the company to win a $6.6 billion award for lost profits in January 2017, the country’s lawyers have alleged.

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