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