The Federal Republic of Nigeria is set to receive the sum of £1.5m from British Virgin Islands firm P&ID as cover legal costs the Nigerian Government incurred on its successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.
The Federal Republic of Nigeria (FRN) had on Thursday appeared in the English High Court for a scheduled hearing.
In a statement on Thursday, by Attorney General of the Federation, Dr. Umar Gwandu said Nigeria will now proceed to a full fraud trial.
The hearing on Thursday was held to decide procedural and costs issues relating to the FRN’s applications to challenge the arbitration award and to determine the short term directions to trial.
The statement read, “The Federal Republic of Nigeria today (Thursday) appeared in the English High Court for a scheduled hearing.
“The hearing followed the major victory secured by Federal Republic of Nigeria last Friday (September 4), allowing it to bring a fraud challenge against a $10bnn arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.
“FRN will now proceed to a full fraud trial. The hearing today was held to decide procedural and costs issues relating to the FRN’s applications to challenge the arbitration award, and to determine the short term directions to trial.
A case management conference to determine the full trial window is scheduled to take place after November 2020.
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