A United Kingdom Commercial Court has granted the Nigerian government’s request to appeal a lower court’s judgment which granted the Process and Industrial Development Limited (P&ID) the right to seize the nation’s assets worth $9.6 billion.
According to a statement issued by the Minister of Information and Culture, Lai Mohammed, the development would enable the government to appeal the court’s recognition of the UK Arbitration Tribunal in the UK Court of Appeal and possibly quash the earlier ruling in favour of P&ID.
The UK Commercial Court also approved the government’s application for a “stay of execution” which will prevent the plaintiff, P&ID, from enforcing the UK Arbitration Tribunal’s earlier judgment, while this case is heard before the Court of Appeal.
The Attorney- General of the Federation and Minister of Justice, Abubakar Malami while reacting to the ruling said, “I am pleased with today’s development in the court and see this as a positive resolution that constitutes an important step in the government’s efforts to defend itself in a fair and just process.
‘‘We look forward to challenging the UK Commercial Court’s recognition of the Tribunal’s decision in the UK Court of Appeal, uncovering P&ID’s outrageous approach for what it is: a sham based on a fraudulent and criminal activity developed to profit from a developing country.”
As effort to quash the August ruling by the UK court continues, a federal government delegation comprising Abubakar Malami, the Central Bank Governor, Godwin Emiefele and the Inspector -General of Police, Mohammed Adamu proceeded to the UK to persuade a British court to set aside an order permitting P&ID to seize $9.6 billion worth of assets from Nigeria.
Recall the P&ID had won its case against Nigeria in August. This as the contract sum was initially awarded for $6.6 billion but rose to $9.6 billion due to accrued interest since 2013.