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FG React As British Courts Gives Nod To Seize $9Billion Nigerian Assets

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Breaking: UK Court Grants Stay Of Execution Of P&ID $9.6b Award, $200m Security Deposit Demanded
 

Process and Industrial Development Limited (P&ID) has been given the nod by a British court to seize Nigerian assets worth $9 billion.

Naija News reports that the judgment was delivered in favour of P&ID in London, the United Kingdom on Friday, August 16.

This online news platform understands that a deal agreement, to build a gas processing plant in Calabar in 2010, which collapsed because Nigeria did not meet its end of the bargain, is the case in contention.

Meanwhile,  The federal government has promised to appeal against the judgment by the  English court.  this was made known In a statement released on Friday evening by  Dayo Apata, the solicitor general of the federation and permanent secretary, federal ministry of justice.

In his statement, Apata Said that

As regards the recent Judgment of the English Court of 16 August 2019, the Federal Government’s Counsel has been instructed to pursue an appeal on the judgment of the English Court dated 16 August 2019 and at the same time seek for a Stay of Execution of the said judgment.

In view of the above, please be informed that the Federal Government of Nigeria is making vigorous efforts to defend its interest in this matter and would not relent in exploring every viable option in doing so.

 


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