Nigeria has secured a landmark victory in its pursuit to overturn a $10 billion judgement awarded in a case against Process and Industrial Developments (P&ID).
In the judgment delivered on Thursday, Ross Cranston, a judge of the Business and Property Courts of England and Wales, granted Nigeria’s application for an extension of time and relief from sanctions.
It was gathered that the case will either go back to arbitration based on the new evidence or both parties will now settle out of court.
“It is not my function at this preliminary stage to decide whether a fraud took place,” Cranston said.
“However, it has been necessary to consider a considerable amount of the material to decide firstly, whether, as Nigeria contended, there is a prima facie case of fraud and how strong that case is, and secondly, the steps Nigeria took to investigate the alleged fraud from late 2015.