A United Kingdom Commercial and Arbitration Court, has ordered a stay of execution of the $9.6billion damages secured against Nigeria by Process and Industrial Developments (P&ID), a company on the British Virgin Islands.
Naija News reports that the UK Court asked the Nigerian government to make a “Security Payment” of $200 million to the court.
This online news platform understands that the British Court also granted Nigeria’s leave to file an appeal against the award.
The ruling is coming after 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.
A brief by Abubakar Malami(SAN), the Attorney-General of the Federation and Minister of Justice, from London, said: “Stay of execution granted subject to payment of $200m security payment to court pending the determination of the appeal the leave for which has been granted by the commercial court.
“Application for leave to appeal against the award and enforcement of the award is granted.”
Source: Naija News