The Court of Appeal in the United Kingdom has dismissed the appeal by Process & Industrial Development (P&ID) challenging a previous judgment that halted the enforcement of an $11 billion award against Nigeria.

In a unanimous decision, the Lead Judge, Lord Justice Snowden, allowed P&ID to appeal the judgment but ultimately dismissed their appeal.

The judgment, published on the UK judiciary’s website, revealed key issues raised by P&ID. One significant concern was whether the lower court erred in ordering the payment of £43 million in legal costs in British pounds sterling rather than in Nigerian naira. P&ID contended that Nigeria financed its legal services by converting naira from its consolidated revenue fund.

The second issue focused on the judge’s decision to require P&ID to cover Nigeria’s legal costs in sterling. P&ID argued that since Nigeria funded its legal services through naira, the costs should also be payable in naira.

However, Lord Justice Snowden upheld Nigeria’s arguments. He ruled that since Nigeria had been invoiced and incurred its legal liabilities in sterling, and subsequently paid those bills in sterling, it was appropriate for the cost order to be issued in the same currency.

“In my judgment, therefore, the judge was right to accept Nigeria’s straightforward submission that because Nigeria had been invoiced and had incurred its liability to its solicitors in sterling and had paid those bills in sterling, the court ought to make its Costs Order in sterling,” stated Lord Justice Snowden.

Despite permitting P&ID to appeal, the court found no merit in their arguments and dismissed the appeal, reinforcing the earlier decision that halted the enforcement of the $11 billion award against Nigeria.

For more news https://naija927.com/ph/news/