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Rarely in modern times can so few have tried to take so much from so many. If Nigeria had lost its arbitration dispute with Process & Industrial Development in a London court on 23 October, it would have cost our people close to $1 billion.
How did it get to this point? How did Nigeria prevail? Was this a one-off, or par for a shabby and distasteful course? What are the lessons for the future? Nigeria was in court in London, trying to talk down liability and costs. Back at home, fixers were looking to work out a quiet settlement. This is often the way. A lot of contracts end up in dispute. P&ID won a settlement in 2017 of $6 billion, with compound interest. People, including out of work ex-British Cabinet Minister Priti Patel, were queuing up to insist we paid, or risk Nigeria becoming an untrustworthy trade pariah.
But even at this moment, we should note what the English judge cautioned. The arbitration process in London “was a shell that got nowhere near the truth.” We need better contracts, in the public and private sector.
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