Financial penalty in Nigeria: the government risks paying $11 billion in compensation to Process & Industrial Development Ltd : Orishas-finance

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Financial penalty in Nigeria: the government risks paying $11 billion in compensation to Process & Industrial Development Ltd

13/03/2023

Source : ORISHAS FINANCE

Categories: Sectors

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Financial penalty in Nigeria: the government risks paying $11 billion in compensation to Process & Industrial Development Ltd

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Based on a trial that ended last week in the United Kingdom, the Nigerian government risks paying $11 billion in compensation to Process & Industrial Development Ltd, a hedge fund against which there were disagreements over an oil project. Now, Nigeria wants the British High Court to reject the arbitral award given against it in this case. The country's balance of payments could have a problem if the country's approach did not prosper, since the compensation claimed is equivalent to a third of its foreign exchange reserves.

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