A 4 September ruling by the Commercial Court in London granted the Nigerian government leave to appeal an arbitration award to British Virgin Islands-listed Process & Industrial Developments Ltd (P&ID) now worth around $10bn. The award relates to P&ID’s claim that the government’s failure to meet its obligations caused its gas-processing project to fail. High Court judge Ross Cranston’s decision is an important milestone in the case, allowing the government to proceed to a full trial examining allegations of corruption in the contract award and during the arbitration hearing.
Issue 422 - 10 September 2020
Nigeria
Finance, Politics, Governance
The AAA-rated African Development Bank (AfDB) is the continent’s biggest financial institution, with a well-defined role that is growing as it leverages its capital and know-how to support essential public and private sector projects and support economies mired in the coronavirus pandemic. The re-election of AfDB president Akinwumi Adesina is an important development that should end a period of corrosive doubt about the bank’s governance, while promoting the bank’s multiple positive roles.
Issue 422 - 10 September 2020
Politics, Finance, Governance
Thalia Griffiths
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Dan Marks
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David Slater
Head of consultancy
Alex Wark
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Harry Randle Marsh
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