CNN —Nigeria’s government is celebrating a “landmark victory” after a UK court ruled it was not liable for a multibillion-dollar payout earlier awarded to a private firm over a failed gas project. The company had sued for compensation over lost profits following the collapse of a 20-year deal with Nigerian authorities in 2010 to build a gas processing facility. The awarded sum and accumulated interest had now exceeded $11 billion, nearly half of Nigeria’s federal budget for this year. Disagreements after both parties blamed each other for defaulting on obligations led to the failed deal and sparked a lengthy legal battle. Lawyers for the Nigerian government had argued that P&ID induced the country’s officials with bribes for the contract to be awarded to the firm.

---

Persons: CNN —, Robin Knowles, “, …, ” Knowles, ”, General Lateef Fagbemi, Bola Tinubu, Knowles ’ Organizations: CNN, Developments Locations: British Virgin Islands, London, Nigeria