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Nigeria: Government wins right to appeal P&ID decision

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


PinFinance, Politics, Governance

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Adesina’s re-election should accelerate AfDB development agenda

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

PinPolitics, Finance, Governance

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