The Supreme Court has dismissed an appeal brought by Process and Industrial Developments Limited (P&ID) seeking to challenge the decision of the Commercial Court, already upheld unanimously by the Court of Appeal, that P&ID should pay Nigeria's costs in Sterling, as opposed to Nigerian Naira.
The appeal arose from the landmark judgment of Mr Justice Knowles in October 2023 confirming that Nigeria had been successful in challenging the colossal $11 billion award made against Nigeria in 2017. Following this historic judgment, P&ID was ordered to pay Nigeria's costs of the proceedings, which amounted to more than £40 million plus interest. P&ID sought an order that these costs should be paid in Naira, as opposed to Sterling (notwithstanding that Nigeria had been billed and paid all of its legal costs in Sterling), in light of the depreciation of the Naira against Sterling in recent years.
The Supreme Court's dismissal of P&ID's appeal follows the unanimous decision of the Court of Appeal in July 2024 to dismiss P&ID's appeal, and comes just days after the hearing of the appeal on 8 July 2025, at which the five Supreme Court Justices made the highly unusual decision, having heard P&ID's oral submissions in full, not to call on Nigeria's Counsel for oral submissions at all. The dismissal was communicated by the Supreme Court by way of Order on 17 July 2025, with reasons to follow.
Shaistah Akhtar led the Mishcon de Reya team alongside Partner Andrew Short, supported by Managing Associate Lydia Allaby and Associate Holly Edmond.