Nigeria wins Supreme Court battle over $11bn case
Britain’s Supreme Court rejected an appeal from Process & Industrial Development over how legal costs should be paid after Nigeria successfully challenged fraudulent arbitration awards worth 11.1 billion dollars. The oil company wanted Nigeria to pay expenses in naira rather than pounds sterling, claiming currency depreciation would create an unfair windfall.
The justices ruled that cost orders differ from damage awards and should be expressed in the currency used for legal bills. English lawyers charged Nigeria in sterling for the London court proceedings, making that the appropriate currency for reimbursement. Nigeria’s currency has lost significant value since 2019, but the court said this economic reality does not change how legal costs are calculated.
The original 2023 High Court decision found that the arbitration awards were obtained through fraud. Justice Robin Knowles set aside those awards and ordered costs paid in sterling, a decision the Supreme Court upheld on Friday.
