P&ID: UK Court Stays Conditional Execution Of $9.6bn judgment

A United Kingdom court has granted the Federal Government leave to appeal the judgment that asked Process and Industrial Developments (P&ID) Limited to seize $9.6bn in Nigerian assets.

The P&ID secured the damages against Nigeria following a failed Gas Supply Project Agreement (GSPA) contract between it and the Federal Ministry of Petroleum Resources.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami in a brief from London said, “Application for leave to appeal against the award and enforcement of the award is granted.

The British court on Thursday granted Nigeria’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 conditional.

Nigeria must pay a sum of $200m into the court’s account within 60 days for the stay of execution to be effective, the court said.