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