Nigeria

P&ID case: London court orders release of $200m deposit to Nigeria

Tuesday, September 29, 2020 at 5:54 PM by Kess Ewubare

- The sum of $200 million would be released to Nigeria from the UK following a court judgment

- The court gave the judgment in respect of Nigeria’s victory over the P&ID $10 billion claim

- The CBN said Nigeria’s foreign exchange reserves will benefit from the release of the funds

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A commercial court in London has ordered the release of the sum of $200 million to the Nigerian government.

The money had been paid as security in respect of the execution of the discredited P&ID $10 billion arbitral claims.

UK court orders release of $200m deposit to Nigeria — The court’s decision has been hailed by the CBN. Photo credits: Getty Images
Source: Getty Images

The CBN in a tweet on Tuesday, September 29, said the money will boost Nigeria's foreign exchange reserves.

The apex bank also disclosed that the UK court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.

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Meanwhile, a United Kingdom minister, Priti Patel has come under fire over her comment on the $9.6 billion arbitration fine case between Nigeria and the Process and Industrial Developments (P&ID) Limited.

Patel, UK's secretary of state for the home department, had criticised the federal government for appealing the fine.

She said Nigeria must shape up and honour its obligations in order to be a part of the international market.

But the federal government described the judgment as right and just.

In another report, President Muhammadu 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.

Meanwhile, Nigeria's attorney-general and justice minister, Abubakar Malami, has opened more cans of worms regarding the Process and Industrial Developments (P&ID) case.