A United Kingdom Court on Thursday granted Nigeria’s plea for a stay of execution on the $9.6 billion judgment in favour of Process & Industrial Development Limited (P&ID).
The approval would, however, require Nigeria to pay some $200 million security fees pending the determination of the appeal it has lodged against the award and enforcement of the judgment.
Abubakar Malami, minister of justice and attorney general of the federation, led a high-powered delegation, which also comprised Lai Mohammed, minister of information and culture; Godwin Emefiele, governor of Central Bank; Mohammed Adamu, Inspector General of Police, and Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission, to meet with the legal team ahead of the legal battle.
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“Leave to appeal has been granted. Stay of execution is also granted subject to $200m security payment to court pending the determination of the appeal the leave for which has been granted by the commercial court,” Jubrilu Gwandu, SA media to the Attorney General of the Federation, told BusinessDay in a chat.
“We will study the court rulings, exercise the right of appeal and consider the legal options available at our disposal as it relates to the payment of $200m in view of the 60 days window stipulated by the court. The steps we will consider are to study the ruling and act in a way beneficial to the interest of the nation,” Gwandu said.
The two rulings have been seen as a major leap as Nigeria makes frantic effort to set aside the initial judgment on the basis that the deal was fraudulent ab-initio and would hurt the struggling economy.
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“I am pleased with today’s [Thursday] development in the court and see this as a positive resolution that constitutes an important step in the government’s effort to defend itself in a fair and just process,” Malami said in reaction to the judgment.
“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 fraudulent and criminal activity developed to profit from a developing country,” he said.
Just before the Nigerian authorities departed for the UK, Malami had indicated that all strategies were being considered, adding, however, that “it all depends on the beneficial one that has potency for setting aside the award having regards to the applicable law in the circumstances”.
ONYINYE NWACHUKWU, Abuja
