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)

January 11, 2010
Two years later, work on the gas processing plant has yet to begin. The agreement collapses. P&ID launches private arbitration proceedings against the Federation. In a highly unusual move, the Ministry of Petroleum Resources at the time maintained exclusive control over the proceedings.
Attorney General Malami Witness Statement No.4 item 54.1 p.24 (2019)August 22, 2012

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

Read MoreMay 29, 2015

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.

Read MoreJanuary 31, 2017

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

June 28, 2018
Following the investigation, P&ID and P&ID Nigeria (a linked Nigerian entity) are convicted on an eleven-count charge, including money laundering and fraudulently claiming to have acquired land.

Read MoreSeptember 19, 2019
A former legal adviser to the Ministry of Petroleum Resources is charged for accepting bribes and failing to follow protocol when authorising the GSPA.

Read MoreSeptember 20, 2019
The Federal Republic of Nigeria is granted permission to appeal the arbitration decision in the London Court of Appeal.

Read MoreSeptember 26, 2019

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.

Read MoreOctober 22, 2019
Nigeria argues before the London High Court that the GSPA and arbitration decision should be objectively scrutinised, and any award delayed. The High Court agrees.

Read MoreNovember 25-28, 2019
Nigeria’s legal team file substantive evidence in the London High Court that the GSPA was procured through fraud and corruption. They argue that the agreement and (then) US$9.7 billion arbitration award must be overturned. The Court sets down a timetable for Nigeria's case to be considered. Despite many opportunities to do so, P&ID says nothing to rebut the overwhelming evidence of fraud and corruption.

Read MoreDecember 5, 2019

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

Read MoreDecember 19, 2019

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

Read MoreJanuary 24, 2020
Nigeria presents argument on why it should be permitted to bring its fraud challenge against the vulture-fund-backed P&ID outside the normal time limits.

Read MoreJuly 13, 2020

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.

Read MoreSeptember 4, 2020

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.

October 29, 2021

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.

December 22, 2021

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. 

Read MoreJanuary 13, 2022

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.

April 23, 2022

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.

Read MoreJuly 15, 2022

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.

Read MoreJanuary 23, 2023

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.

March 9, 2023

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.

October 23, 2023

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.

December 08, 2023

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

December 21, 2023