P&ID Gate: Nigeria appeals against $200m security fee

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Nigeria has resolved to appeal against the ruling of a UK Commercial Court ordering it to pay the sum of $200m as security fee.

The court gave the order while granting Nigeria’s request to stay execution in the $9.6bn award in favour of Process and Industrial Development Limited.

Apart from the $200m, Nigeria is also seeking a refund of the $250,000 it was asked to pay to P&ID if the appeal succeeded.

A UK court had granting P&ID permission to takeover some Nigerian assets after awarding it $9.6bn as damages following the crash of 2010 deal between the company and Nigeria’s petroleum ministry.

Rejecting the judgement, Nigeria went on to appeal against the ruling.

Minister of Information and Culture, Lai Mohammed, who was part of the Federal Government’s delegation to London last week disclosed this to reporters in Abuja on Wednesday.

Describing the delegation’s mission as a huge success, the minister said the firm had every reason to be worried that the $9.6bn arbitration awarded to it had a good chance of being overturned.

He said, “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.”

The minister added that the Federal Government had succeeded in changing the false narrative being peddled by the P&ID both within and outside Nigeria by putting across strong evidence that the company is a fraud.

“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.




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