Helping Nigeria Defeat a $11 Billion Arbitral Claim

Nigeria’s economy risked ruin. At stake was an $11 billion arbitral award against the country that threatened to swallow nearly a third of its entire annual federal budget. But the gas agreement to build a processing facility at the centre of the claim was shrouded in suspicion of corruption.

Nigeria’s lawyers — London dispute resolution heavyweights Mishcon de Reya — challenged the award in the courts. They turned to FTI Consulting, instructing our independent forensic accounting experts to assist with the detailed financial analysis and collection of documents. The multi-year investigation uncovered vital evidence that helped Nigeria overturn the arbitral award. Working together, lawyers at Mishcon de Reya and experts at FTI Consulting provided the evidence that helped expose dishonesty, concealed bribes and corruption, enabling justice to be done.

FTI Consulting experts provided critical support at multiple stages of the legal challenge. To assist with the appeal, the team analysed thousands of bank records to identify evidence relevant to the case. They travelled to Nigeria to support Mishcon de Reya in the agreed disclosure process, helping to identify, collect, and collate material held locally. Finally, in the run-up to the May 2023 trial, the team conducted further forensic analysis of financial transactions, uncovering patterns that strengthened Nigeria’s defence.

Our extensive data collection exercise from Nigerian government files and archives included more than 170,000 bank transactions and over 7,500 documents, in both hard copy and electronic format.
Our multidisciplinary team of technology and forensic accounting experts analysed the vast data set, tracing cash flows and other financial transactions to uncover evidence of illicit fund transfers and bribery that became critical to the trial.
The investigation was carried out under extraordinary circumstances, with members of FTI Consulting’s Forensic Accounting & Investigations team travelling from London to Nigeria in the midst of the 2021 global Covid-19 lockdown to conduct their on-site work.

Lorsque tout est en jeu.

FTI Consulting est reconnu comme le premier cabinet d'expertise mondial pour les organisations confrontées à des crises et des transformations. Grâce à une équipe d'experts chevronnés, nous réagissons rapidement aux situations complexes avec des résultats significatifs qui font toute la différence.