FG orders lawyers to appeal $200m security deposit

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The Federal Government has retained international legal firm of Curtis, Mallet-Prevost, Colt & Mosle LLP, to appeal the ruling of Justice Christopher Butcher of the Commercial Court in London that asked Nigeria to pay $200m security payment into the court’s account

Minister of Information and Culture, Lai Mohammed, told reporters in Abuja on Wednesday, that the Federal Government ordered its lawyers to appeal the $9.6bn award in favor of Process and Industrial Development Limited.

He also added that they stand a chance of victory in the case, as the Federal Government has successfully proven that P&ID is a sham company.

“The Federal Government has a good chance of being successful in its impending appeal, otherwise the Commercial Court would not have allowed the appeal.

“Please note that Nigeria will be able to demand a refund of the 250,000 GBP payment to P&ID where the government wins on the appeal. This fact is being hidden by those who have been spinning the London judgment in their own favour.

“On the $200m payment as a condition for the granting of the stay of execution, Nigeria has instructed its lawyers to seek the leave of the Court of Appeal to appeal against that payment.

“Nigerians should remain assured that the Federal Government is taking all necessary steps to strongly avail itself of all defences customarily afforded to sovereign states under the United Kingdom Sovereign Immunity Act to fight and upturn any enforcement of the award.

“In the words of Mr President at the 74th session of the UN General Assembly in New York last week, we are giving notice to international criminal groups by the vigorous prosecution of the P&ID scam attempting to cheat Nigeria of billions of dollars.”

“For those who may still not understand the gravity of the judgment of the Commercial Court in London last week, let me say that had we lost our quest for a stay of execution and application to appeal in London last week, P&ID would by now be attempting to seize our assets all over the world.

“Remember they boasted before the judgment that they had started compiling a list of our assets which they would attach. But now, that’s an empty boast, thanks to the successes recorded in the court of law and the court of public opinion last week,” he added”, he added.




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