Policy & Regulation
Nigeria to pay heavy price for gas project default
Nigeria could end up forfeiting assets for violating its contractual obligations towards a tiny gas company, one of many petroleum sector agreements it has defaulted on Nigeria could end up forfeiting assets for violating its contractual obligations towards a tiny gas company, one of many petroleum sector agreements it has defaulted on.
22 August 2019
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A legal battle between the government of Nigeria and Irish-backed Process & Industrial Developments (P&ID) has brought to light the pitfalls of the country’s habit of sweeping previous administrations’ agreements under the carpet.
Following a seven-year court battle, on 16 August a UK court handed $9.6 billion in damages to P&ID over a failed venture to build a gas processing plant in Calabar in southern Nigeria.
The judgement validates an international arbitration ruling originally reached by a court in the United States in January 2017 for $6.6...
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