A court of appeal in the UK has ruled that Nigeria is liable for a $70 million arbitration award in favour of Zhongshan Fucheng Industrial Investment Co. Ltd, a Chinese investor.
Things took a different turn in July 2016 when the investor accused the state government of abruptly moving to terminate its appointment while attempting to install a new manager for the free trade zone. The presiding judge said Nigeria failed to do the needful until three months after the deadline expired.
The panel also dismissed Nigeria’s ground of appeal that there is a “point of general public importance” requiring guidance from the court.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: