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BVI-based company owed $11 billion by Nigeria rejects lying, bribery allegations

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Lawyers representing a British Virgin Islands-based company owed $11 billion by Nigeria over a collapsed gas processing project on Tuesday rejected Nigerian allegations that it bribed senior officials to obtain a lucrative contract.

an award to Process & Industrial Developments of billions of dollars in damages that was made by a London arbitration tribunal in 2017.

Two years later, P&ID was awarded $6.6 billion for lost profits, a sum which has since swelled with interest to just over $11 billion, which represents around 30% of Nigeria's foreign exchange reserves.

 

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