Truth Uncovered

Exposing the Corruption that Helped Nigeria Defeat a $11 Billion Arbitral Claim

Truth Uncovered

Exposing the Corruption that Helped Nigeria Defeat a $11 Billion Arbitral Claim

Key Contacts

Andrew Durant and Julian Glass

What Happens When Corruption Threatens an Entire Nation’s Economy?

How Nigeria’s determination to challenge prevented financial ruin and exposed corruption

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.

Our Impact

By uncovering vital evidence to help reveal corruption, the Nigerian government was able to overturn a $11 billion arbitral award that threatened national solvency, protecting public finances and establishing a landmark ruling.

FTI Consulting experts forensically analysed evidence that uncovered patterns of transactions that helped lead the judge to determine that the contract and the arbitral award made to claimant Process & Industrial Developments (“P&ID”) Limited were procured through bribery and corruption.

Nigeria’s entire economy hung in the balance with this high-stakes claim, which was several times the country’s national health budget for the year. If the case had been decided against Nigeria, the country’s public finances would have been severely crippled, leaving it unable to meet the basic needs of its people.

FTI Consulting experts forensically analysed evidence that uncovered patterns of transactions that helped lead the judge to determine that the contract and the arbitral award made to claimant Process & Industrial Developments (“P&ID”) Limited were procured through bribery and corruption.

The evidence helped the Nigerian government successfully challenge a $6.6 billion arbitration award, one of the largest ever awarded to a company against a sovereign state, which had risen to $11 billion with interest before being overturned by the English High Court. In a landmark ruling, three years beyond the deadline, the Judge stated that the award had been obtained by “practising the most severe abuses of the arbitral process”.

By The Numbers

$11B

Arbitration Award Overturned

170,000

Bank Transactions Reviewed

7,500

Documents Analysed

Our Role

Financial Analysis That Made the Difference

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.

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Exposing the Corruption that Helped Nigeria Defeat a $11 Billion Arbitral Claim

Exposing the Corruption that Helped Nigeria Defeat a $11 Billion Arbitral Claim

What Happens When Corruption Threatens an Entire Nation’s Economy?

How Nigeria’s determination to challenge prevented financial ruin and exposed corruption