Nigeria wins P&ID case in UK court

Nigeria has successfully overturned the $11 billion damages bill related to the controversial Process & Industrial Developments (P&ID) deal.

Nigeria alleges that the gas processing project, which ultimately collapsed, was procured through bribery and fraud.

In a recent judgment, a UK court ruled in favor of Nigeria, halting the enforcement of the arbitration award in favor of P&ID.

P&ID had been granted a 20-year contract in 2010 to construct and operate a gas processing plant.

Meanwhile, the value of the naira continued its decline, with the currency reaching a rate of N1,210 to the dollar at the parallel market.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), also known as the Importers and Exporters window, the naira depreciated last week by 5.4 per cent to NGN808.27 to the dollar.

Parallel market traders say the continuous decline in the value of the naira is due the scarcity of the greenback in the market.

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