In January 2019, British Company, Process and Industrial Developments (PID) Limited, filed a legal suit in the United States District Court of Columbia, against the Federal Government of Nigeria. As indicated in the court documents, Process and Industrial Developments Limited is seeking to gain a settlement of $8.9bn from the Federal Government of Nigeria.
Why Is A UK Company Suing Nigeria In The USA?
The judgment debt arose from Nigeria’s alleged failure to perform its contractual obligations under a gas supply and processing agreement it signed with PID. In or arroudn year 2010, PID signed an agreement with Nigeria’s Ministry of Petroleum to refine associated natural gas into non-associated natural gas to be used by Nigeria in powering its national electric grid. This project would have benefited the country in increasing power supply but the project was stalled by the Ministry of Petroleum. PID is suing for profit they expected to earn from the project. PID is seeking $6.6 billion in damages plus $2.3 billion in uncollected interest, which is calculated at $1.2 million a day.
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