Around US$10 billion is at stake. This is what P&ID, a vulture-fund backed shell company, is aggressively demanding from the people of Nigeria after a scam gas agreement intentionally collapsed.
The Federal Republic of Nigeria (FRN) is fighting to overturn a scam agreement, procured through fraud and corruption by a vulture-fund backed shell company: Process and Industrial Developments Limited (P&ID).
Approximately US$10 billion is at stake, the amount P&ID is claiming from Nigeria following an arbitration award issued in 2017.
The agreement was to build a sophisticated gas processing plant. P&ID was however run by a failed music producer. It had no technical capabilities and few employees. It never had the ability to fulfil the agreement – and never intended to.
P&ID is now backed by a powerful international vulture fund. Vulture funds have a record of exploiting vulnerable countries. The individuals managing the fund, and their associates, are aggressively pursuing the US$10 billion for themselves.
US$10 billion would pay for Nigeria’s national health budget ten times over.
In September 2020, the London Commercial Court ruled that Nigeria could challenge the $10 billion arbitral award. The unprecedented judgment cited exceptional circumstances and noted that Nigeria had established a strong prima facie case of fraud.
In his judgment, the judge Sir Ross Cranston stated, “Nigeria has established a strong prima facie case that the [agreement] was procured by bribes paid to insiders as part of a larger scheme to defraud Nigeria. There is also a strong prima facie case that P&ID’s main witness in the arbitration, Mr Quinn, gave perjured evidence to the Tribunal and that, contrary to that evidence, P&ID was not in the position to perform the contract… Not only is the integrity of the arbitration system threatened, but that of the court as well, since to enforce an award in such circumstances would implicate it in the fraudulent scheme.”
The FRN will now proceed to a full trial of the issues where the FRN’s substantive application to finally set aside the award will be heard. The fraud trial will begin in January 2023.
This website sets out the facts of Nigeria’s case. It is updated regularly with relevant information and legal documents.
A timeline of key moments on the dispute from 2010 to present.
Nigeria is currently battling one of the biggest lawsuits of its time.
Almost US$10 billion is at stake. The aggressively pursued debt is threatening to strip away state assets worth more than ten times the country’s national health budget; eight times its education budget; or well over a quarter of its gross foreign reserves.
Since 2012, Process and Industrial Developments (P&ID), a shell company now backed by a powerful international vulture fund, VR Advisory Services Limited, has been attempting to enforce a scam agreement procured through fraud and corruption against the people of Nigeria.
What happened, who are P&ID and who is set to benefit from the award? Your frequently asked questions.
Official statements from the Attorney General’s office, legal documents and relevant articles in the media.