A London court on Thursday declined to grant an application by Process & Industrial Development (P&ID) seeking to appeal the judgment halting the enforcement of its $11 billion award against Nigeria.
The court in the judgment delivered by the presiding judge, Robin Knowles, ruled that the award against Nigeria should be thrown out immediately.
The Business and Property Court in London presided by Justice Robert Knowles had in October delivered judgement in favour of Nigeria and it refused to grant the enforcement of the P&ID $11bn award against Nigeria in a case marked CL-2019-000752.
The court in the judgment held that the process through which P&ID secured a 2010 contract to build a gas processing plant in Calabar, Cross River State, was fraudulent.
An arbitration court had awarded $6bn against Nigeria in January 2017 over the failed gas processing contract but the fine had accumulated to $11bn before the verdict was delivered on account of the seven per cent interest rate.