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$9.6bn liability: FG pays £250,000 to P&ID, keeps hope of upturning judgment alive

Nigerian govt renews bid to remove Saraki as AGF asks court to hands off suit

The Nigerian Government has made the payment of £250,000, which a commercial Court in London ordered it to pay to Process and Industrial Developments Limited (P&ID) as running cost.

The court presided over by Justice Christopher Butcher had on September 26, granted Nigeria leave to appeal against an earlier ruling that awarded $9.6 billion in favour of P&ID for a gas processing and supply contract.

However, the court asked Nigeria to pay £250,000 running cost to P&ID within 14 days as a condition to appeal against the $9.6 billion judgment against it.

It also ordered the government to pay another $200 million as security payment.

In order not to lose the opportunity, the Nigerian Government has paid the money through the Central Bank of Nigeria (CBN), beating the 14-day ultimatum which expired Thursday (today).

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), on Wednesday confirmed that the government has paid the £250,000 running cost.

Malami said the government paid the money out of respect for the London court.

He, however, added that the $200 million which the court also ordered the government to pay as security cost had not been paid.

READ ALSO: Nigeria gradually moving to ‘visa-on-arrival’ regime – Onyema

He said the government had appealed against the order on security payment and applied for a stay of execution of the order.

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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