Process & Industrial Developments Ltd v The Federal Republic of Nigeria [2025] UKSC 36

Nigeria succeeded in setting aside P&ID’s 2 fraudulently-obtained Arbitration Awards against it. In so doing it incurred legal costs said to be GBP44m. P&ID argued that the costs award against it should be made in naira, not sterling, as the latter would result in a windfall to Nigeria, the naira having depreciated substantially in the decade or so since the Arbitration Awards. Rejecting that contention (and upholding the Courts below) the SC ruled that costs should be awarded to Nigeria in sterling, quoting  the discretionary rather than compensatory nature of a costs award and the fact that Nigeria had paid its legal team in sterling.

Read the full judgment here.