9.6bn dollars judgment: FG pays £250,000 to P&ID as ordered by court

9.6bn dollars judgment: FG pays £250,000 to P&ID as ordered by court

- The federal government has paid £250,000 to P&ID in line with the order of British Commercial Court

- AGF Abubakar Malami said the government paid the money out of respect for the court

- The AGF, however, said the government had appealed the $200m security payment ordered by the court as a condition for a stay of execution judgement

The federal government has reportedly paid £250,000 to Process and Industrial Developments Limited (P&ID) which was ordered by British Commercial Court.

Legit.ng reports that the government had said it would appeal the order of the court which asked that a $200m security payment be made into its account within 60 days as a condition for a stay of execution of the $9.6bn judgment earlier given in favour of P&ID.

The court granted Nigeria leave to appeal against the $9.6bn awarded in favour of P&ID over an alleged breach of a gas supply contract tagged Gas Supply Processing Agreement.

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Vanguard reports that the payment was made through the Central Bank of Nigeria (CBN).

The newspaper added that the Attorney-General of the Federation (AGF), Abubakar Malami (SAN), confirmed the development on Wednesday, October 9.

Malami explained that the Nigerian government decided to pay the £250,000 cost out of respect for the court.

“You know that there are two sets of money involved. There is the $200m security payment and there is also the £250,000 cost.

“The $200m security payment has not been paid. We have appealed against the order and we have also applied for stay of execution of the order.

“But we have paid the cost, which is £250,000, to P&ID. The Nigerian government paid that cost out of respect for the court,” Malami said.

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Earlier, Legit.ng reported that the federal government was ordered to pay $200 million (N72 billion) pending ruling on its appeal against the $9.6 billion awarded to P&ID.

Presiding over the matter, Justice Butcher mandated the FG to make the $200 million security payment within 60 days.

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Source: Legit.ng News

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