A British court has granted the Nigerian government an extension of deadline to appeal against the $9.6bn arbitral award delivered in favour of a British Virgin Island, Process, and Industrial Development.
After the ruling was delivered on Friday, Nigeria applied for an extension of time to appeal, having missed the initial 28-day window.
The London arbitration panel had in January 2017 issued the award against Nigeria for a breach of a 2010 gas supply contract it entered into with P&ID.
The award was confirmed by a British Court ruling in 2019.
Nigeria’s appeal is on the grounds that the contract leading to the arbitral award was fraudulent.
The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), said on Thursday, that the Federal Government had learnt lessons from the $9.6bn arbitral award delivered by a London arbitration panel against Nigeria and in favour of P&ID.
A statement by Malami’s spokesperson, Dr. Umar Jibrilu Gwandu, quoted the minister as speaking at a virtual international conference to mark the African Arbitration Day.
Malami was quoted as saying that “the whole saga associated with P&ID contract was a product of corruption, fraud, and non-compliance with processes and procedures”.