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Nigeria Can Appeal $9.6 Billion Ruling Over 2010 Gas Deal
LAGOS (Capital Markets in Africa) – Nigeria was given permission to appeal by a London judge in its $9.6 billion legal dispute with Process & Industrial Developments over a failed 2010 gas deal.
- P&ID, an Irish-run firm backed by hedge fund manager VR Capital Group Ltd., has won a series of legal rulings and is seeking to enforce an arbitration judgment now worth nearly $10 billion
- Nigeria, which wants to overturn the award, has begun a criminal probe into the contract
- Judge Christopher Butcher gave Nigeria permission to take the case to the London Court of Appeal, extending further the long-running legal dispute