The Process and Industrial Developments, P&ID is delighted that Nigeria Government would cough up $200 million to the United Kingdom court for stay of execution of the earlier August $9.6bn judgement in its favour.
P&ID said it welcome the ruling because the “Nigerian Government will now have to put its money where its mouth is if it wants to avoid immediate seizure of assets”.
In a statement on Friday, P&ID said, “The Court has ruled that the Nigerian Government must put up $200 million to maintain a stay of execution whilst it pursues an appeal against enforcement of the now $9.6 billion award in favor of P&ID.
“The Nigerian Government will now have to put its money where its mouth is if it wants to avoid immediate seizure of assets.
“The Nigerian Government’s recent media exercise to allege fraud against P&ID turned out to be a red herring.
“Indeed, the Nigerian Government did not present any evidence to support Attorney General Malami’s “findings” from his sham investigation.
“The Nigerian Government knows there was no fraud and the allegations are merely political theater designed to deflect attention from its own shortcomings”, P&ID said in a statement on Friday morning.
The court in London, United Kingdom, had on Thursday granted Nigeria’s request to stay execution of the $9.6bn judgment it delivered in favour of Process and Industrial Developments earlier in August.
Giving a condition for the new order, the court asked the Nigerian Government to deposit $200m into the court’s account within 60 days for the stay of execution to take effect.
Recall that the Irish firm was awarded the sum of $9.6bn in damages against Nigeria following a failed gas supply contract between the two parties.
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), while confirming the stay of execution, said, “Application for leave to appeal against the award and enforcement of the award is granted.”
