A United Kingdom Commercial and Arbitration Court, has ordered a stay of execution of a previous judgment that asked the Nigerian government to pay $9.6bn worth of assets to Process and Industrial Developments Limited (P&ID), a company on the British Virgin Islands.
YaahooJournalist reports that the UK Court asked the Nigerian government led by President Muhammadu Buhari to make a “Security Payment” of $200 million to the court.
In the ruling which was delivered on Thursday, September 25, the British Court also granted Nigeria’s leave to file an appeal against the award.
The UK court delivered the judgment 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 the Attorney-General of the Federation and Minister of Justice, Abubakar Malami(SAN), 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.”
