The English Commercial and Arbitration Court has ordered Nigeria government to make a security payment of $200million to the court in order to grant a stay of execution of the $9.6billion damages secured against the Federal government by Process and Industrial Developments (P&ID) pending the determination of an appeal by the FG.
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
“Application for leave to appeal against the award and enforcement of the award is granted.”
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