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UPDATE 2-UK court allows Nigeria more time to appeal in $10 billion dispute

Fri, 4th Sep 2020 11:44

(Adds Nigerian government comment)

By Libby George

LAGOS, Sept 4 (Reuters) - A London court has given Nigeria
more time to appeal in a $10 billion arbitration case, although
Friday's Commercial Court ruling did not specify the length of
the extension in the long-running dispute.

Process & Industrial Developments (P&ID) won a $6.6 billion
arbitration award after a 2010 deal to carry out a gas project
in Nigeria collapsed. This has been accruing interest since 2013
and now totals nearly $10 billion, which if Nigeria has to
payout would dent the oil-producing country's foreign reserves.

Nigeria has alleged corruption in the contract and the
ruling will allow the government more time to investigate.

"We will now proceed to a full hearing of our fraud
challenge in the coming months," a spokesman for Nigeria's
attorney general said following the ruling.

"We are firmly committed to overturning the award – no
matter how long it takes – to ensure that this money goes
towards Nigeria's future," he added.

P&ID, a vehicle created for the gas deal, did not
immediately respond to a request for comment.

Nigeria had sought permission to appeal the award, despite
having missed the original 28-day appeal deadline. It said new
information only came to light in late 2019.
(Reporting by Libby George; Writing by Paul Carsten; Editing by
Toby Chopra and Alexander Smith)

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