- Nigeria has gained another round of victory over Process and Industrial Developments (P&ID)
- This came after a UK court on Thursday, September 10, ordered P&ID to pay the federal government the sum of £1.5m as damages
- The development has brought much joy to the government which now believes that the court is taking Nigeria's battle against corruption seriously
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The Nigerian government has recorded another landslide victory over the Process and Industrial Developments (P&ID) following a fresh verdict from a United Kingdom (UK) court which is presiding over the case.
According to Attorney-General of the Federation (AGF) Abubakar Malami, the UK court ordered P&1D to pay the federal government the sum of £1.5m to cover the legal cost incurred by Nigeria in the case.
Malami made this revelation through a statement published by his spokesman, Umar Gwandu, on Thursday, September 10.
The statement disclosed that the £1.5m is part of the government's successful application for the extension of time to challenge the $10 billion award.
Part of the statement read: “Cranston J ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs the FRN incurred as part of their successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.
“A case management conference to determine the full trial window is scheduled to take place after November 2020. This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID."
Describing the development as a significant blow to the P&ID, Malami pointed out that the President Muhammadu Buhari-led government is pleased that the foreign court has taken the nation's fraud case seriously through the latest verdict.
Earlier, Legit.ng reported that President Buhari has been commended for effectively managing Nigeria's economy.
The commendation was given by governors of the ruling All Progressives Congress (APC). The governors disclosed this in a communique issued at the end of a teleconference. The statement was signed by the chairman of Progressive Governors’ Forum (PGF) and governor of Kebbi state, Abubakar Atiku Bagudu.
Going further, they commended the Buhari administration over the recent UK Commercial Court verdict. The order suspends any penalty against Nigeria in respect of the $9.6 billion P&ID debt judgement.
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Source: Legit Newspaper