04 September 2020 by VICTORIA ABAH
The English Court has delivered an unprecedented judgment, allowing the Federal Government to proceed with its challenge of the $10 billion arbitral award made against it over three years ago.
In a statement by the Special Assistant on Media to the AGF, Dr. Umar Gwandu, the Court has allowed the Nigerian Government to bring this challenge outside the normal time limits, due to the exceptional circumstances in which it uncovered evidence of massive fraud in procuring the award.
It explains that, the Court heard evidences from the Nigerian Government and P&ID, in relation to the Gas Supply and Processing Agreement, GSPA, the parties entered into 10 years ago and was never performed.
According to the statement, the Buhari Administration, having inherited this dispute from the previous administration, only recently uncovered evidence that the GSPA was a sham commercial deal, designed to fail from the start, and its subsequent arbitral award based on fraud and corruption.
It adds that the Federal Republic of Nigeria is pleased with the outcome of the High Court hearing, and will now proceed for a full hearing of the fraud
challenge in the coming months.