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Company owed $11 billion by Nigeria denies bribery allegations

Posted On: Jan. 26, 2023 8:10 AM CST


British Virgin Islands-based engineering firm Process & Industrial Development Ltd., which Nigeria owes  $11 billion in damages over a failed gas processing project, has denied allegations that it bribed senior officials to obtain a 20-year contract, Reuters reported. Nigeria is looking to overturn an award by  London's arbitration tribunal in 2017 that the nation should pay P&ID $6.6 billion in damages, an amount that has increased with interest to $11 billion.