UK COURT UPHOLD’S NIGERIA’S £43 MILLION AWARD, DISMISSES APPEAL OF P&ID
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Process & Industrial Development (P&ID) lost its appeal against a prior ruling that stopped the enforcement of its $11 billion award against Nigeria at a UK Court of Appeal.
The lead judge, Lord Justice Snowden, allowed P&ID to appeal the ruling but rejected the appeal in a unanimous ruling.
One of the questions addressed in the P&ID appeal was whether the lower court erred in ordering the £43 million legal fee to be paid in British pounds sterling rather than naira, according to a copy of the judgement that was posted on the UK judicial website.
The company argued that Nigeria funded its legal services by exchanging naira from its consolidated revenue fund.
The second issue is whether the Judge was right to order P&ID to pay Nigeria’s costs in sterling.
Snowden, the lead judge, accepted the arguments of Nigeria that since the legal cost was paid in sterling, the cost order should be paid in the same currency.
“In my judgment, therefore, the judge was right to accept Nigeria’s straightforward submission that because Nigeria had been invoiced and had incurred its liability to its solicitors in sterling and had paid those bills in sterling, the court ought to make its Costs Order in sterling,” the judge ruled.
He therefore permitted P&ID to appeal but would dismiss the appeal.
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