Process & Industrial Developments, a firm set up to carryout a gas project with Nigeria, won a $6.6 billion arbitration award after the deal collapsed. The award has been accruing interest since 2013 and is now worth more than $9 billion.
The original decision on August 16 converted an arbitration award held by P&ID to a legal judgment, which would allow the British Virgin Islands-based firm to try to seize international assets. P&ID welcomed the requirement that Nigeria place $200 million on hold pending the appeal, which it said will force the nation “to put its money where its mouth is if it wants to avoid immediate seizure of assets”.“The Nigerian government knows there was no fraud and the allegations are merely political theatre designed to deflect attention from its own shortcomings,” it said in a statement.
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