Nigeria dodged a $11 billion bullet after London's High Court threw out damages claim stemming from a tainted gas deal.
British Virgin Islands company, Process & Industrial Developments (P&ID), had threatened Nigeria with a hefty fine, alleging breach of contract. However, the court found that P&ID bribed a Nigerian oil official and hid it during arbitration, rendering the deal null and void.
The judge swiftly nullified the damages award, rejecting P&ID's appeal for another go at arbitration. Though a direct appeal to the Court of Appeal remains a possibility, Nigeria appears to have escaped this costly saga.
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