UK Supreme Court Upholds £44m Costs Award in Favor of Nigeria Against P&ID
The UK Supreme Court dismissed an appeal by Process and Industrial Developments Limited (P&ID) against a cost order in favor of Nigeria, upholding the £44m costs award to be paid in pounds sterling. The court ruled that the costs should not be paid in naira, rejecting P&ID's argument of unfair windfall due to currency depreciation.
This decision affirms Nigeria's success in challenging the fraudulent $11bn arbitration award. The court emphasized that cost orders are discretionary and not compensatory, cautioning against disproportionate legal battles.
Plus234Feed summary based on reporting from The Will. Read the original report below.
Read full article
Continue on The Will
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigerian Court of Appeal Reverses $5M Damages Award in Employment Contract Interference Case
Supreme Court Dismisses Ajudua's Appeal in Fraud Case Involving Nadabo Energy Boss
Nigeria Saves Over N4bn in Legal Victory Over 1981 Ajaokuta Steel Contract
Nigerian Court Lifts $1bn Injunction Against Nestoil in Debt Recovery Case
Tinubu's Aide Claims Foundation Laid to End Lecturers' Strikes
Sokoto Governor Ahmed Aliyu Appoints Eight District Heads
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
