UK Commercial Court has granted Nigeria a stay of execution of the nine point six billion dollar judgment debt made against the country over a botched gas contract.
A statement on the Court’s decision in London was made available to newsmen in Abuja by the office of the Minister of Information and Culture, Lai Mohammed.
In the statement, the Minister of Justice and Attorney-General of the Federation Abubakar Malami, SAN said he was happy with the court’s decision.
The UK Commercial Court granted the Federal Government of Nigeria’s request for leave to appeal, enabling the Government to appeal the Court’s recognition of the UK Arbitration Tribunal in the UK Court of Appeal.
The Court had in a ruling on August 16th authorised , a little known Irish engineering and project management company, Process and Industrial Developments Limited, P&ID to seize the nine point six billion dollars, about three point five trillion naira in Nigerian assets over the failed contract.
