P&ID: Malami says FG yet to pay $200m bond to UK court despite victory

P&ID: Malami says FG yet to pay $200m bond to UK court despite victory

- The Nigerian government has made another disclosure on the ongoing P&ID case

- Attorney-general of the federation, Abubakar Malami said Nigeria is yet to pay $200m bond to UK court after the recent victory

- Nigeria's application for an extension of time and relief over $10 billion sanctions in the P&ID case was granted on Friday, September 4

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After recording a landslide victory during the ongoing P&ID case, the Nigerian government has disclosed that it is yet to pay a bank guarantee of $200 million placed with the Business and Property Courts of England and Wales to secure a stay on asset seizures of up to $10 billion.

Minister of justice, Abubakar Malami, made this clarification less than 96 hours after the English court granted Nigeria’s application for an extension of time and relief over $10bn sanctions in a judgement on Friday, September 4.

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The minister, in a statement, had earlier said Nigeria would provide a bank guarantee of $200 million to the UK court.

According to him, this would enable Nigeria to completely set aside the $10 billion sanction on the country in a case in which P&ID was involved following a controversial gas deal in 2010.

P&ID: Malami says FG yet to pay $200m bond to UK court despite victory

Abubakar Malami said Nigeria is yet to pay $200m bond to UK court. Credit: Channels TV.
Source: UGC

Describing the deal as fraud and corruption, Malami said the $200m bond to the UK court would be paid after Nigeria was granted the stay extension to provide sufficient evidence that may likely overturn the case.

But while speaking on Channels TV on Monday, September 7, Malami said the payment has not been made.

“Nigeria has not paid and we filed an application for the variation of the order to allow us perhaps to consider the possibility of posting a bank guarantee against posting cash deposit.

“The order for the deposit for such amount of money and the appeal component is being considered at the superior court of record, but one thing I want to place on record is that Nigeria has not paid the amount in contention and has challenged the order as it relates to the posting of cash deposits,” Malami stated.

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Earlier, Legit.ng reported that the minister of justice and attorney general of the federation was accused of lying against former petroleum resources minister, Rilwan Lukman.

Lukman's family made this allegation against Malami and asked the justice minister to tender an apology as row continues over the latter's affidavit before the Commercial Court of England over the ongoing legal tussle involving P&ID.

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Source: Legit.ng

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