Process & Industrial Developments Ltd (P&ID) obtained a 2017 arbitral award of $6.6bn plus interest (~$11bn by 2023) against Nigeria for an aborted 2010 GSPA. On 23 October 2023 the English Commercial Court (Knowles J., [2023] EWHC 2638 (Comm)) set the award aside, finding it was procured by fraud and bribery.
20188.· $11bn → set aside· Chapter I · Money
P&ID v. FGN — $9.6bn Award
Arbitral award later set aside (English Commercial Court, 23 Oct 2023): award procured by fraud and corruption. Nigeria's largest-ever litigation reversal.
Sources
- · FRN v. P&ID [2023] EWHC 2638 (Comm)
What it cost — political & economic reality
The political and economic reality
Nigeria in 2018: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.
President · Fourth Republic
Muhammadu Buhari
2015–2023· APC
National reality
Two recessions (2016, 2020). Multiple naira devaluations. ASUU strike of 2022 closed federal universities for ~9 months. End SARS protests (Oct 2020); Lekki Toll Gate incident. Out-of-school children >18 million by 2022.
Crises of the period
- 2016 recession + FX crisis
- End SARS + Lekki Toll Gate (Oct 2020)
- COVID-19 lockdown (2020)
- 9-month ASUU strike (2022)
- Naira redesign chaos (Q1 2023)
GDP (World Bank)
$494 bn (2015) → $477 bn (2022)
Cabinet (selected portfolios)
- Finance
Kemi Adeosun (2015–18); Zainab Ahmed (2018–23)
- Justice (AGF)
Abubakar Malami (SAN)
- Education
Mallam Adamu Adamu (2015–23)
- Petroleum
Muhammadu Buhari (concurrent); Min. of State Ibe Kachikwu then Timipre Sylva
Source: Federal Gazette 2015–23; CBN; NBS
Methodology
Tier 1 · primary
Courts. Gazettes. National archives.
Tier 2 · corroborating
OCCRP. HRW. BudgIT. TheCable.
Redline
Wikipedia is never a source.