The Attorney-General of the Federation, Abubakar Malami, says Nigeria is not considering any possibility of negotiations with anybody including Process and & Industrial Development (P&ID) over the N9.6bn arbitral award.
In a statement by his spokesman, Umar Gwandu, Malami said this was in view of the ruling of the UK court which admitted the exception established by Nigeria to challenge the award on the basis of alleged fraud.
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He said the court awarded £1.5m to Nigeria due to the successful application against the $9.6bn arbitral award.
He said the judge, Ross Cranston, ordered P&ID to pay the sum, which is to cover the legal costs incurred by the federal government, within 21 days.
“This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID. We’re pleased that the English Courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award,” he said.
The UK court had last Friday considered evidence from Nigeria in the suit against the offshore firm, P&ID in the 2010 Gas Supply and Processing Agreement from Calabar, Cross River State, which was later terminated before commencement.
