The Government of Nigeria has said that it would appeal Friday’s ruling of a court in London order about $9bn worth of its assets to be given to Process and Industrial Development Limited for breach of contract.
In a statement on Friday evening by the Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice, Dayo Apata, the government instructed its lawyers to appeal against the ruling.
Friday’s ruling by the London court was the culmination of a case, which started in 2010 when an agreement to build a gas processing plant in Calabar, Cross River State, collapsed between Nigeria and the Irish firm after the former failed to live up to its side of the deal, according to a report by cityam.com.
Before Friday's ruling, P&ID had in 2013 won a $6.6bn arbitration case but that figure rose to $9bn when the estimate of what the company could have earned over the course of the 20-year agreement was calculated.
The Nigerian Government had tried to nullify the award, insisting that it was not a case to be heard outside its shores but the British judiciary rejected the argument.