P&ID: UK court releases $200m guarantee for $10bn judgement

By AdvocateNews on 30/09/2020

Share on facebook Yahoo mail icon Gmail icon

Views: 895

A United Kingdom Commercial Court on Tuesday ordered the release of the $200m used as security for the Process and Industrial Development $10bn arbitral award.

The Attorney-General of the Federation (AGF), Mr Abubakar Malami (SAN), and the Central Bank of Nigeria revealed this on Tuesday.

This came on the heels of a September 4, 2020 judgment of the UK court pointing out suspected cases of fraud in the process leading to the gas supply contract allegedly breached by Nigeria and the basis upon which the award was issued in favour of P&ID by a London arbitration panel in 2017.

The court also granted the Federal Government permission to challenge the final arbitral award.

The CBN stated in its official Twitter handle, @cenbank, that the court awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.

It wrote, “Nigeria’s foreign exchange reserves was this morning boosted by over $200m when the London Commercial Court ordered the release of the $200m guarantee put in place as security in respect of the execution of the much discredited P&ID $10bn arbitral claim.

“The court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.”

The AGF in a statement by his spokesperson, Dr Umar Gwandu, said he was “glad having this victory in addition to multiple successes recorded so far.”

“The recent judgement on the Nigeria’s cases against P&ID demonstrated an outcome of strong commitment and determination of the present Federal Government through the Office of the Attorney-General of the Federation and Minister of Justice to tackle fraud, corruption, non-compliance with the due process.

“Nigeria recorded tremendous success challenging the order for cash deposit of $200m to bank guarantee.

“Success was equally recorded for having an order for the extension of time to challenge award and agreement.

“Nigeria was successful as the court award payment of legal cost of €1.5m in favour of the country,” the statement reads partly.

Posted 30/09/2020 06:39:35 AM


Share on facebook Yahoo mail icon Gmail icon


You may also like...
MAY 30: Court remands 140 IPOB members for...

Sit-at -home against Igbo interest —Sen Nnamani

EFCC arrests man for alleged $10,000 fraud

042 Pageant to promote Igbo culture, heritage among...

Buhari meets governors, security chiefs over insecurity, State...


Doctors strike takes toll on patients nationwide

Court martial convicts, demotes Major-General Adeniyi over leaked...

COVID-19: 80% of infected persons not in isolation...

Book launch: You will rise again, Buhari tells...

Eldest son of late Gani Fawehinmi, Mohammed dies...

Police kill, dump Enugu apprentice mechanic in stream...


Latest News Umahi confirms killing of five abducted construction workers in Ebonyi Northerners Forum salutes Soludo, solicits key role, assignment in his administration Mkpurummiri addiction has no cure – NDLEA warns Buhari suspends AEDC management as firm faces internal crisis Man commits suicide after losing company’s N150,000 on bet 30 burnt to death as bandits set bus ablaze in Sokoto Students strip policeman, set school ablaze, principal flees Security agents, not ESN, planting bombs in Igboland – IPOB Fani-Kayode has erectile dysfunction, I had four kids via artificial insemination – Ex-wife claims Omicron Variant: FG asks UK to rescind ban on Nigerians Governor Ugwuanyi Rising To the Occasion in Protecting Enugu State Residents as Yuletide Approaches Three Dowen College Students in Police custody over Sylvester Oromoni ‘s death


Most Read Ugwuanyi commends FG’s siting of ICT University in Enugu (228,926 views) I’ve no Coronavirus, govt wants to kill me – Anambra Index case (228,926 views) Sickle cell support group seeks government intervention (228,925 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (228,925 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (228,925 views) Ebonyi bans embalming of corpses in homes (228,923 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (228,923 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (228,919 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (222,250 views) ASUU strike: Senate intervention ends in deadlock (222,041 views) All you need to know about Peter Obi, PDP VP Candidate (172,512 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (170,822 views)






There are no video entries posted yet.