1 MIN READ
The Federal Government of Nigeria has appeared before an English High Court for a scheduled case management conference, to decide certain procedural issues relating to Nigeria’s ongoing challenge against the enforcement of a $10 billion arbitration award obtained by BVI-based shell company, Process and Industrial Developments Limited, P&ID.
The fraud trial will now follow, and a timetable will be fixed in the coming weeks.
Last week’s hearing follows the Federal Government’s major victory in September last year, when the English Court ruled that the FGN had established a strong prima facie case of fraud against P&ID and granted an extension of time for FGN to challenge the award.
The judgment was delivered in the wake of new and substantive evidence uncovered by the FGN, which exposed the fraudulent and corrupt nature of activities undertaken by P&ID and its affiliates.