The English Commercial and Arbitration has ordered a stay of execution of the $9.6billion damages secured against Nigeria by Process and Industrial Developments (P&ID) pending the determination of an appeal by the Federal Government.
It however asked the government to make a security payment of $200million to the court.
The court also granted Nigeria’s leave to file an appeal against the award.
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, Mr. 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
Olalekan Ajimoti – Blogger, Content Writer, and Digital Marketer helping brands and retailers build 8-figure e-commerce since 2016.
As a corporate trainer, brand communications expert, and brand consultant, I help people start, stay and grow in business leveraging digital skills and traditional expertise.
