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UK Supreme Court appeal on currency of £44m costs: P&ID seeks naira payment; Nigeria argues for sterling to avoid depreciation windfall

Published on: 11 July 2025

Published by a Law360 reporter
Legal News
Article summary

P&ID asks UK Supreme Court to convert £44m costs to naira

At a hearing, Process & Industrial Developments Ltd (P&ID) pressed the UK Supreme Court to translate the £44m it has been ordered to pay Nigeria into naira, asserting that, because the currency has fallen sharply since 2023, Nigeria would otherwise gain an unwarranted windfall of about 70bn naira.

The costs arise from Nigeria’s successful High Court challenge to the arbitral award made in 2017 in favour of P&ID, tied to a natural gas refinery and electricity generation project that unravelled.

In October 2023, Judge Robin Knowles concluded that the award had been secured through fraud and bribery.

Knowles J also held that the company’s legal team, including Trevor Burke KC and commercial solicitor Seamus Andrew, hid the fact they had obtained Nigeria’s privileged legal advice and other internal documents during the arbitration. Both men deny acting dishonestly...

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