EXPLAINER: How Nigeria got hit with a $9.6 billion judgment debt in London
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Nigeria, Sept. 11 -- Nigeria has received a legal hiding after a UK court awarded a private company a US$9.6 billion judgment debt against the West African nation. The ruling has generated significant attention in both domestic and international media. This is understandable given that the sum amounts to 20% of the country's foreign reserves. This means it poses a significant threat to its economy.
The big question is: What went wrong? How did Nigeria end up in this costly situation? For the answer, we must look back to January 2010 and a gas supply contract that went horribly wrong.
On 11 January 2010 Process and Industrial Development (P&ID), a company based in the British Virgin Islands, signed a contract with the Federal Government ...
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