BY TheCable
Nigeria on Thursday secured a landmark victory in its pursuit to overturn a $10 billion judgement awarded against it in a case against Process and Industrial Developments (P&ID) Ltd.
In the judgment delivered on Thursday, Ross Cranston, a judge of the Business and Property Courts of England and Wales, granted Nigeria’s application for an extension of time and relief from sanctions.
On January 31, 2017, a tribunal had ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre- and post-judgment interest at 7 percent.
The current outstanding amount is estimated at $10 billion.
To read the full text of the judgment, you can DOWNLOAD HERE.
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