According to Bloomberg on Friday, allegations of six-figure
bribes, shady middlemen and fabricated evidence featured in the $11 billion
United Kingdom trial that could cost Nigeria a third of its foreign reserves.
The case is Nigeria v. Process & Industrial Developments
Ltd., case number CL-2019-000752, in the King’s Bench Division of the High
Court of Justice of England and Wales, where the Federal Government is praying
the UK High Court to dismiss the arbitration award in favour of P&ID as
soon as possible.
Lawyers for both sides traded allegations of bribery,
duplicity and incompetence during the trial.
A verdict has not been reached on the matter.
The arbitration award that Nigeria is contesting is over a
collapsed gas project.
Legal news outlet, Law 360, which was in court, revealed
that the lawyers for the oil and gas company argued that the contract between
P&ID and Nigerian government officials is not “a story of fraud” but that
it is Nigerian “institutional incompetence.”
Meanwhile, FG argued that the firm had won the deal through
dishonest means; bribery.
The arbitration award of $6.6 billion was issued in London
in 2017 but it has grown to $11 billion with interest. Counsels working on the
case stand to earn upwards of $825 million if the award is upheld and
thereafter enforced.
Law 360 said that the Federal Government is represented by
Mark Howard KC and Tom Pascoe of Brick Court Chambers, Philip Riches KC of
Twenty Essex and Sebastian Mellab and Tom Ford of Essex Court Chambers,
instructed by Mishcon De Reya LLP.
The defendants are represented by David Wolfson KC and Henry
Hoskins of One Essex Court and Alexander Milner KC and Max Evans of Fountain
Court Chambers, instructed by Quinn Emanuel Urquhart & Sullivan LLP, whose
team was led by Nick Marsh, Ted Greeno and Marina Boterashvili.
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