• Home
  • Agric
  • Sci, Tech & Innovation
  • Health
  • Environment
  • Hausa Articles/News
  • More
    • Business/Banking & Finance
    • Politics/Elections
    • Entertainments & Sports
    • International
    • Investigation
    • Law & Human Rights
    • Africa
    • Research and Development
    • Corruption/Accountability
    • Hassan Gimba
    • Column
    • Prof. Jibrin Ibrahim
    • Prof. M.K. Othman
    • Defense/Security
    • Education
    • Energy/Electricity
    • Entertainment/Arts & Sports
    • Society and Lifestyle
    • Food & Agriculture
    • Health & Healthy Living
    • Technology
    • International News
    • Interviews
    • Investigation/Fact-Check
    • Judiciary/Legislature/Law & Human Rights
    • Oil & Gas/Mineral Resources
    • Media/PR/Journalism
    • Elections
    • General News
    • Presidency
    • Press Releases
  • About Us
    • Contact Us
    • Board Of Advisory
    • Privacy Policy
    • Ethics Policy
    • Teamwork And Collaboration Policy
    • Fact-Checking Policy
    • Advertising
  • The Stories
Facebook Twitter Instagram
Trending
  • Nigeria records over 119,000 leaked accounts in early 2025 – Surfshark report
  • Pate, Director of Nutrition, make 2025 TIME100 Health list
  • Gates Foundation earmarks $200bn to accelerate healthy living
  • Foundation establishes seed bank to promote traditional medicine practices
  • How the EU is deepening its friendship with Sokoto through €60m health and social investment
  • NASCON declares highest-ever dividend
  • Lawmaker seeks robust support for women in agriculture
  • FG, partners urged to act on rangeland conservation
Facebook Twitter Instagram YouTube
AsheNewsAsheNews
  • Home
  • Agric

    Lawmaker seeks robust support for women in agriculture

    May 9, 2025

    Digital agric: FG, stakeholders seek increased women, youth inclusivity

    May 9, 2025

    Ondo trains farmers on Yam sett multiplication, tuber production

    May 9, 2025

    FG to begin local farmers’ database for intervention

    May 9, 2025

    HYPPADEC meets stakeholders, plans distribution of power tillers in Kogi

    May 8, 2025
  • Sci, Tech & Innovation

    Nigeria records over 119,000 leaked accounts in early 2025 – Surfshark report

    May 9, 2025

    Over 50% of telecom providers expect rise in SMS fraud in 2025 – Report

    May 8, 2025

    FUTA don advocates investment in enzyme biotech to tackle environmental challenges

    May 8, 2025

    Meta blocks access to Muslim news page in India

    May 8, 2025

    PalmPay’s Q1 report reveals 15m daily transactions

    May 8, 2025
  • Health

    Pate, Director of Nutrition, make 2025 TIME100 Health list

    May 9, 2025

    Gates Foundation earmarks $200bn to accelerate healthy living

    May 9, 2025

    Foundation establishes seed bank to promote traditional medicine practices

    May 9, 2025

    How the EU is deepening its friendship with Sokoto through €60m health and social investment

    May 9, 2025

    Muhaza Consult launches innovative healthcare services to transform medical access in Sokoto

    May 8, 2025
  • Environment

    FG, partners urged to act on rangeland conservation

    May 9, 2025

    Kano targets planting 5m trees to combat climate change

    May 8, 2025

    FUTA don advocates investment in enzyme biotech to tackle environmental challenges

    May 8, 2025

    Conservator of Park urges joint biodiversity protection for healthier living

    May 8, 2025

    Flood alert: Kaduna activates safe havens for victims in 13 LGAs

    May 7, 2025
  • Hausa Articles/News

    Dan majalisa ya raba kayan miliyoyi a Funtuwa da Dandume

    March 18, 2025

    [VIDIYO] Fassarar mafalki akan aikin Hajji

    January 6, 2025

    Mafarkin gaisawa da makiyi, Tare da Sheikh Aliyu Y. Sokoto

    January 5, 2025

    [RA’AYI)] Adawar Siyasa A Jihar Sokoto Da Sauran Lamurra

    September 6, 2024

    Rilwan Ya Zama Sabon Garkuwan Matasan Arewa

    July 7, 2024
  • More
    1. Business/Banking & Finance
    2. Politics/Elections
    3. Entertainments & Sports
    4. International
    5. Investigation
    6. Law & Human Rights
    7. Africa
    8. Research and Development
    9. Corruption/Accountability
    10. Hassan Gimba
    11. Column
    12. Prof. Jibrin Ibrahim
    13. Prof. M.K. Othman
    14. Defense/Security
    15. Education
    16. Energy/Electricity
    17. Entertainment/Arts & Sports
    18. Society and Lifestyle
    19. Food & Agriculture
    20. Health & Healthy Living
    21. Technology
    22. International News
    23. Interviews
    24. Investigation/Fact-Check
    25. Judiciary/Legislature/Law & Human Rights
    26. Oil & Gas/Mineral Resources
    27. Media/PR/Journalism
    28. Elections
    29. General News
    30. Presidency
    31. Press Releases
    Featured
    Recent

    Nigeria records over 119,000 leaked accounts in early 2025 – Surfshark report

    May 9, 2025

    Pate, Director of Nutrition, make 2025 TIME100 Health list

    May 9, 2025

    Gates Foundation earmarks $200bn to accelerate healthy living

    May 9, 2025
  • About Us
    1. Contact Us
    2. Board Of Advisory
    3. Privacy Policy
    4. Ethics Policy
    5. Teamwork And Collaboration Policy
    6. Fact-Checking Policy
    7. Advertising
    Featured
    Recent

    Nigeria records over 119,000 leaked accounts in early 2025 – Surfshark report

    May 9, 2025

    Pate, Director of Nutrition, make 2025 TIME100 Health list

    May 9, 2025

    Gates Foundation earmarks $200bn to accelerate healthy living

    May 9, 2025
  • The Stories
AsheNewsAsheNews
Home»General News»P&ID: UK court reverses $11bn awarded against Nigeria
General News

P&ID: UK court reverses $11bn awarded against Nigeria

P&ID: UK court reverses $11bn awarded against Nigeria
NewsdeskBy NewsdeskOctober 23, 2023Updated:October 24, 2023No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

A Business and Property Court in London presided over by Justice Robin Knowles of the Commercial Courts of England and Wales has quashed the 11 billion dollars awarded against Nigeria in a case filed by the Process and Industrial Developments Company, (P&ID).

Judge Knowles held that the award was obtained by fraud and that what had happened in the case was contrary to public policy.

The court also declared that it did not find any merit in the charges of bribery levelled against a former Attorney-General of Lagos State, Mr Olasupo Shasore, SAN, who represented Nigeria in the arbitration.

In the case marked: CL-2019-000752, the Federal Government sought to overturn $6.6 billion arbitration awarded in favour of P&ID in 2017.

The award had continued to accrue interest since then, rising to approximately $11 billion before the judgment.

The dispute dated to 2010 when P&ID Limited entered into a gas supply and processing agreement with Nigeria, with plans to establish an Accelerated Gas Development project in Cross River State.

The project never materialised, and P&ID subsequently accused Nigeria of breaching the contract terms.

P&ID claimed Nigeria violated terms of its agreement by failing to provide gas for the power plant it wanted to build for the country.

In 2015, P&ID won a judgment for a $10 billion compensation.

This frustrated the construction of the Gas Project agreed to during the government of former president Umaru Yar’Adua and deprived P&ID the potential benefits expected from 20 years’ worth of gas supplies with “anticipated profits of $5 to $6 billion.”

The arbitral tribunal unanimously decided that the Federal Government had repudiated the GSPA by failure to perform its obligations under the GSPA and ruled that P&ID was entitled to $6.6 billion in 2017.

The fine, along with the interest, subsequently rose to $11.5 billion.

Former President Goodluck Jonathan government reached an out-of-tribunal agreement for the payment of $850 million and passed on the disbursement to the administration of President Muhammadu Buhari.

But Buhari refused to pay the negotiated sum, set aside the settlement agreement and challenged the enforcement of the award before the English Commercial Court.

However, the London court added $2.4 billion in interest making it $9 billion.

Also, Shasore was accused of obstructing Nigeria’s legal proceedings against the British Virgin Islands-based company.

Shasore was charged with allegations of negligence and inadequate due diligence in handling the case.

In his defense, the ex-Lagos A-G maintained that he had done everything within his power to secure the best outcome for the country.

Delivering the judgement, Justice Knowles ruled that the award was obtained by fraud.

Knowles, in his verdict, stated, “As far as I am aware, Mr. Shasore, SAN, has not, in my judgment, been shown to be corrupt.

“His actions are inconsistent with Nigeria’s theory that he was.

“I add that in my view, Nigeria (and specifically Mr Abubakar Malami SAN, the former Attorney-General of the Federation) did not in truth believe Mr Shasore, SAN was corrupt.

“On 21st November, 2017, Shasore, SAN was engaged by Nigeria to represent the Ministry of Power in a $2.4bn arbitration claim by Sunrise Power and Transmission Co.

“His appointment was approved by Malami, SAN, on 6th March, 2018, and formally confirmed by Mr Malami, SAN, on 18th March, 2018,” he said.

The judge cited several reasons for his decision, highlighting Shasore’s sound advice to Nigeria to investigate and obtain expert evidence, his assistance in succeeding in Nigerian court applications, his contribution to reducing settlement figures, and his vigorous challenges against P&ID during the liability hearing.

Nigeria P&ID
Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Newsdesk
  • Website

Related Posts

Nigeria records over 119,000 leaked accounts in early 2025 – Surfshark report

May 9, 2025

NASCON declares highest-ever dividend

May 9, 2025

Vatican elects Cardinal Robert Francis Prevost as 267th Pope

May 8, 2025

Leave A Reply Cancel Reply

Nigeria records over 119,000 leaked accounts in early 2025 – Surfshark report

May 9, 2025

Pate, Director of Nutrition, make 2025 TIME100 Health list

May 9, 2025

Gates Foundation earmarks $200bn to accelerate healthy living

May 9, 2025

Foundation establishes seed bank to promote traditional medicine practices

May 9, 2025
About Us
About Us

ASHENEWS (AsheNewsDaily.com), published by PenPlus Online Media Publishers, is an independent online newspaper. We report development news, especially on Agriculture, Science, Health and Environment as they affect the under-reported rural and urban poor.

We also conduct investigations, especially in the areas of ASHE, as well as other general interests, including corruption, human rights, illicit financial flows, and politics.

Contact Info:
  • 1st floor, Dogon Daji House, No. 5, Maiduguri Road, Sokoto
  • +234(0)7031140009
  • ashenewsdaily@gmail.com
Facebook Twitter Instagram Pinterest
© 2025 All Rights Reserved. ASHENEWS Daily Designed & Managed By DeedsTech

Type above and press Enter to search. Press Esc to cancel.