Report on Interest
under logo

British court grants Nigeria permission to appeal against $9.6bn judgment

By News desk

The United Kingdom court has granted Nigeria permission to appeal against the award and enforcement of the judgment that asked Process and Industrial Developments Limited (P&ID) to seize $9.6bn in its assets.

It was gathered that the appeal  granted on Thursday and an application for stay of execution is currently being considered by the federal government.

It would be recalled that in January, a British court gave P&ID, an Irish engineering company, the fiat to seize Nigeria assets wort worth $9 billion.

This followed a suit filed by P&ID alleging the non-execution of a 20-year gas and supply processing agreement (GSPA) it had with the federal government.

However, last week Thursday, a Federal High Court in Abuja ordered the forfeiture of  the P&ID assets to the government, after representatives of the company pleaded guilty to an 11-count charge of economic sabotage and money laundering.

Speaking  on Sunday to newsmen, Minister Of Justice and Attorney-General of the Federation (AGF), Abubakar Malami, said the federal government is considering different options that can set aside the ruling of the British court against Nigeria.

“All cards are on the table, but it all depends on the one that has potency for setting aside the award having regards to the applicable law in the circumstances. No possibility is ruled out. The options available to us include the possibility of filing a new case and or using existing proceedings to seek relief of setting aside the award (of the contract). Nothing can be ruled out,” Malami said.

Leave A Reply

%d bloggers like this: