British court gives Nigeria more time to fight $10bn payment to Irish company

Nigeria’s government was granted more time by a London judge to challenge an arbitration award worth around $10bn (€8.4bn), more than a quarter of the country’s foreign reserves. Judge Ross Cranston said in a yesterday’s judgment granting extra time that Nigeria had established a “strong prima facie case of fraud”. The ruling allows the West African nation to continue to seek to overturn the penalty on the grounds that Process & Industrial Developments Ltd obtained a gas-supply contract a decade ago and the favourable arbitration decision through fraud. Last year,…

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