- £70,000 Cost Against P&ID Awarded In Favour Of Nigeria
By Helen Moghalu (Group Business Editor)
Nigeria, again, defeated the P&ID as a London Commercial Court, on Tuesday, ordered the release of the $200 million guarantee put in place as security for the stay of execution granted Nigeria. This development has further given a boost to the nation's foreign reserve. Nig
An appeal was filed by Nigeria against the judgment of Justice Butcher for the execution of the Arbitral award of $10b in favour of Messrs. Process and Industrial Development Limited (P&ID).
Justice Sir Ross Cranston's Court rejected the request of P&ID to increase the security to $400 million and instead ordered cost of £70,000 against P&ID..Recall that same court, had earlier in September 2020, also granted another cost of £1.5Million against P&ID.
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, speaking on this development, however expressed great elation that the UK Court rejected the P&ID’s application to increase the guarantee, which he noted was clearly intended to be a diversionary tactic and entirely misconceived.
Emefiele said: “Due to the substantial evidence of prima facie fraud established before the Court, we are pleased that the Judge has agreed to release the guarantee. “This release, which is an accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the Naira while ensuring monetary and price stability,” he added.
The Court order on Tuesday is widely viewed as a further and significant victory for Nigeria in its determination to overturn the US$10 billion award procured through fraud and corruption by P&ID and former government officials.
Economic pundits are of the opinion that P&ID and its backers, Lismore Capital and VR Advisory, are increasingly fighting a lost battle, as they continue to resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct investigations across multiple jurisdictions.
“The Nigerian Government is determined to secure justice for the people of Nigeria – no matter how long it takes. Investigations are ongoing, and we are confident that more of the truth will be revealed over the coming months", a source within the government said. NNL