UK Court Orders Stay Of Execution Of $9.6bn Award To P&ID
The United Kingdom Commercial and Arbitration Court on Thursday ordered a stay of execution of the $9.6 billion damages awarded against Nigeria by Process and Industrial Developments (P&ID) pending the determination of an appeal by the Federal Government.
The court asked the government to make a security payment of $200 million to the court, while also granting Nigeria’s leave to file an appeal against the award.
The company had secured the damages against Nigeria following a failed Gas Supply Project Agreement (GSPA) contract between it and the Federal Ministry of Petroleum Resources.
Attorney-General of the Federation and Minister of Justice, Abubakar Malami, who spoke from London said: “Stay of execution granted subject to payment of $200m security payment to court pending the determination of the appeal the leave for which has been granted by the commercial court.
“Application for leave to appeal against the award and enforcement of the award is granted.”
Malami; the Inspector-General of Police, Mohammed Adamu, and the Governor of Central Bank of Nigeria, Godwin Emefiele, had last Saturday led a delegation to the United Kingdom for the epic legal battle with P&ID.
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