Timeline

P&ID procures a gas supply and processing agreement (GSPA) to develop a sophisticated processing plant for the Federal Republic of Nigeria.

Attorney General Malami Witness Statement No.4 item 38 p.19 (2019)

Three years after the collapse of the agreement, a new President, Muhammadu Buhari, is voted into office on an internationally recognised anti-corruption platform.

The private arbitration tribunal orders Nigeria to pay P&ID just under US$6.6 billion with interest accruing from 20 March 2013 at a rate of seven per cent, which equates to more than US$1 million a day. It now stands at nearly US$10 billion.

Nigeria’s Attorney General Abubakar Malami starts a formal investigation into P&ID and the GSPA, at President Buhari’s direction.

Attorney General Malami Witness Statement No.4 item 59 p.26

Two Britons associated with P&ID, (one of whom is a signatory of P&ID accounts), are charged with 16 counts of money laundering, in connection to the GSPA. This is later increased to 32 counts.

Nigeria’s former Justice Minister, at the time the GSPA was made, is arrested.

The London High Court sets out a timeline to formally hear Nigeria’s challenge.

The English Commercial Court delivers an unprecedented judgment allowing the FRN permission to proceed with its challenge to the $10 billion arbitral award made against it over three years ago.

P&ID revealed that it has been in possession of numerous documents which might be confidential to the Federal Republic of Nigeria. These include documents from the time of entry into the GSPA and legal advice provided to Nigeria as to how to defend the arbitration. One of the email threads confirmed at least one of the suppliers of these confidential documents to have been Ms Olufolakemi Adelore, using an email address to communicate with P&ID’s agent and middleman Mr Adetunji Adebayo.

Brendan Cahill is arrested and detained as part of an investigation into the alleged bribery of Nigerian officials in relation to the deal between P&ID and the Federal Republic of Nigeria.

The British Virgin Islands Court of Appeal hears the case to overturn a judgment  handed down by the BVI High Court on 27 July 2021, refusing the FRN's application for disclosure. 

A New York federal court rejects the arguments of VR Capital, which acquired a 25% of P&ID in 2017, to withhold documents detailing the deal with P&ID, granting Nigeria’s legal team unprecedented access to important documents.

A hearing in the London High Court establishes that it would be reasonable and proportionate for P&ID to disclose further information related to private messages sent between key figures associated with the company over a period of several years, based on the evidence summarised in this Skeleton on behalf of the FRN.

During the hearing, it became apparent that Mr Trevor Burke QC, one of two P&ID representatives who received confidential documents concerning the FRN by email, is the nephew of Mr Michael Quinn, the founder of P&ID. Mr Burke QC allegedly acted for P&ID without any written retainer in place and received payments of up to US$ 3.5 million. These payments were not paid through his chambers, Three Raymond Buildings, and he stands to receive around US$750 million in the event P&ID is successful in enforcing the award.

The fraud trial begins in London. The Federal Republic of Nigeria’s substantive application to finally set aside the fraudulently procured US$11 billion award is heard in the High Court.

The fraud trial concludes in London, during which the Federal Republic of Nigeria made its case to overturn the fraudulently procured award. Nigeria argued that P&ID and its associates are guilty of bribery and corruption on an ‘industrial scale,’ and urged the Court to condemn international vulture funds like VR Capital in the ‘strongest possible terms.’ Judgment is reserved and is expected at a later date.

The High Court rules that the Federal Republic of Nigeria's challenge to the arbitration award granted against it to an obscure hedge-fund backed BVI shell entity Process & Industrial Developments Ltd (P&ID) in 2017 has been successful.

The High Court rules that the US$11 billion arbitration award is to be formally set aside and orders P&ID to pay Nigeria's substantial legal costs, including an immediate interim payment of £20 million by 5 January 2024.

P&ID is refused permission to appeal, bringing the matter to a definitive conclusion.