29 March 2024 TACKLING CORRUPTION IN THE ARBITRAL PROCESS: REFLECTIONS ON NIGERIA V PROCESS AND INDUSTRIAL DEVELOPMENTS LIMITED
On 23 October 2023, the English High Court handed down a landmark decision setting aside a USD 11 billion arbitral award (the final award) obtained by a British Virgin Islands (“BVI”) company, Process and Industrial Developments Limited (“P&ID”), against the Federal Republic of Nigeria.
The Judge upheld Nigeria’s challenge of the arbitral award on the basis that P&ID had procured the final award through fraud and in a manner contrary to public policy under Section 68(g) of the English Arbitration Act 1996 (the “Act”).
This post considers the mechanism of a Section 68 challenge, reflects on arbitration as an alternative dispute resolution method, and outlines some practical considerations for arbitration users.
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