The fine was originally $6.6bn but interest has accrued in the seven years since.
LONDON, Sept 7 (NNN-AGENCIES) — A London court has granted Nigeria more time to appeal against a nearly $10bn (£7.5bn) fine in a case with a UK-based company in relation to a major botched project to develop a gas processing plant.
Nigeria had sought permission to appeal against the multi-billion dollar fine despite missing the original appeal deadline last year. The court says it can now file its challenge but has not specified any time frame.
In 2010 a deal to develop a gas-processing plant was awarded to Process Industrial and Developments (P&ID) but it later collapsed.
The UK-based company had said the contract collapsed because Nigeria did not honour its part of the deal – leading to a legal battle and a fine against Nigeria in 2013.
The fine was originally $6.6bn but interest has accrued in the seven years since.
Nigeria’s Justice Minister Abubakar Malami said the country will continue to pursue the case to ensure the fine is overturned. — NNN-AGENCIES
