P&ID: UK Court Grants FG Leave To Appeal $9.6bn Judgment - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
September 26, 2019
A United Kingdom court has granted the Federal Government’s request to stay execution of the $9.6bn judgment it delivered in favour of Process and Industrial Developments in August this year.
The orderfor stay of execution was conditional.
In theruling on Thursday, the court said that Nigeria must pay a sum of $200m intothe court’s account within 60 days for the stay of execution to be effective.
P&IDsecured the damages against Nigeria following a failed Gas Supply ProjectAgreement (GSPA) contract between it and the Federal Ministry of PetroleumResources.
TheAttorney-General of the Federation and Minister of Justice, Abubakar Malami ina brief from London said, “Application for leave to appeal against the awardand enforcement of the award is granted”.