Moving People


/ News / Article

  • BBC

UK court orders $200m refund to Nigeria in gas plant suit

A London commercial court on Tuesday ordered that Nigeria be given the $200m (£156m) it deposited last year pending its appeal against the $10bn awarded to a firm over a failed gas plant.

Process and Industrial Development (P&ID), a British Virgin Islands-registered firm, had in 2017 won a $6.6bn arbitration award after the West African country failed to adhere to the terms of the 2010 contract.

Last year, a UK court ruled that Nigeria's assets could be seized if it did not pay the bill that had accrued to about $10bn.

Nigeria was allowed to appeal but told to pay a deposit of $200m.

On Tuesday, the Central bank of Nigeria (CBN) announced that the "London Commercial Court [had] ordered the release of the $200m guarantee".

"The court also awarded a £70,000 ($90,000) cost in favour of Nigeria in addition to an earlier award of £1.5m," it said in a statement on Twitter.

Nigeria’s Justice Minister, Abubakar Malami, said in a statement that the government is happy with the successes recorded so far in the case.


Subscribe and keep up to date with all the latest news from Oakmark

Subtle Shapes Transparent

Oakmark Global Vision provides a bespoke business package to established corporate bodies, investors, and entrepreneurs who desire to enter the West & Pan African market. Find out more >

© 2020 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

Regional Office

International Office

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T


+234 -(0)- 929 207 02

+234 (0) 704 497 6500

King Court, 17 School Road

Hall Green, Birmingham

United Kingdom  B28, 8JG

+44 (0) 121 244 1814

+44 (0) 746 625 2505

 Oakmark Global Vision Limited