The Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN) has explained that the UK court awarded the sum of £1.5 million to Nigeria in the Process and Industrial Development Ltd (P&ID)’s case due to the successful application against the $9.6 billion arbitral award.
In a statement by his media aide, Dr Umar Gwandu, made available on Thursday, he said the judge, Ross Cranston, ordered P&ID to pay the sum, which is to cover the legal costs incurred by the federal government, within 21 days.
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Malami said after the hearing on the costs incurred by Nigeria on Thursday, the case was fixed for full trial, adding that “a case management conference to determine the full trial window is scheduled to take place after November 2020.”
“This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID.
“We are pleased that the English Courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award,” the statement read.
“To date, P&ID and its financial backer VR Capital have not produced a single document or credible witness to challenge the FRN’s fraud evidence.
“Instead, they continue to resort to disseminating misleading claims, while taking every step possible to delay or obstruct our investigations across multiple jurisdictions.
“The FRN remains firmly committed to overturning the injustice of the $10 billion award, and will not rest until we secure justice for the people of Nigeria – no matter how long it takes.
“Investigations into the GSPA are ongoing, and we are confident that more of the truth will be revealed over the coming months.”
