The UK commercial and Arbitration Court has granted Nigeria leave to appeal against $9.6b judgement in favour of Pro ess and Industrial Development LTD. P&ID.
Nigerias legal team lead by the attorney general of the federation,Abubakar Malami has successfully secured a stay of execution on the judgement subject to payment of $200m security payment to court pending the determination of the appeal.
Mr. Malami said in a statement that he legal team will study the court rulings, exercise the right if appeal and consider the legal options available as it relates to the payment of $200m in view of the 60 days window stipulated by the court.
“I am pleased with today’s development in the court and see this as a positive resolution that contributes an important step in the government’s efforts to defend itself in a fair and just process. We look forward to challenging the UK commercial court’s recognition of the tribunal decision in the UK court of appeal, uncovering P&IDs outrageous approach for what it is; A SHAM based on fraudulent and criminal activity developed to profit from a developing country”
A British court had on august16th granted the small private company access to seize up to $9.6b in assets belonging to the Nigerian government. That’s about 20% of Nigerias foreign reserves.
(C) Control TV 2019.
