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Nigeria in court battle to overturn $10 bln arbitration award

LAGOS — The Nigerian government has uncovered previously unknown payments to the daughter of a Nigerian official, its lawyer told a court on Monday, in its latest attempt to overturn an arbitration award against it worth close to $10 billion.

Process & Industrial Developments (P&ID), a firm set up to carry out a gas project in Nigeria, won a $6.6 billion arbitration award after the 2010 deal collapsed. The award has been accruing interest since 2013 and is now worth nearly $10 billion.

Nigeria is seeking permission in the English courts to appeal the award, granted in 2017, despite having missed the 28-day appeal deadline. It says new information came to light only in late 2019.

In an online court hearing, the government’s lawyer said it has evidence of payments from companies related to P&ID to Vera Taiga, one 11 days before the deal was signed.

Vera’s mother, Grace Taiga, was the chief lawyer for the Petroleum Ministry at the time.

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