A United Kingdom court has granted Nigeria leave to appeal against the award and enforcement of the $9.6bn in favour of Process and Industrial Developments Limited following the botched gas deal.
Confirming the development from London on Thursday, Nigeria’s attorney-general and minister of Justice, Abubakar Malami said, “Application for leave to appeal against the award and enforcement of the award is granted.
The court also granted the Federal Government’s request to stay execution of the $9.6bn judgment it delivered in favour of Process and Industrial Developments in August this year.
The order for stay of execution was, however, based on the condition that Nigeria pays the sum of $200m into the account of the court within 60 days for the stay of execution to be effective.
P&ID secured the damages against Nigeria following a botched Gas Supply Project Agreement (GSPA) contract between it and the Federal Ministry of Petroleum Resources.
A court in Nigeria recently ordered the forfeiture of the assets of P&ID to the federal government and two of its directors jailed for their role in the aborted contract which the court said was a scam ab initio.
Leave a Reply