Nigeria was the victim of "a campaign of bribery and deception" over a collapsed gas processing project, its lawyers told London's High Court on Monday, as the country's appeal against an $11 billion damages bill got underway.
A London arbitration tribunal in 2017 awarded $6.6 billion in damages to Process & Industrial Developments (P&ID), a little-known British Virgin Islands-based company, for lost profits related to the failed project.
With interest, that has now swelled to just over $11 billion, or around 30% of Nigeria's foreign exchange reserves.
