SAN FRANCISCO, October 11, (THEWILL) – The Federal Government has paid the sum of £250,000 to Process and Industrial Developments Limited (P&ID) as running cost, following an order of the Commercial Court in London in September.
Justice Christopher Butcher gave the order on September 26 with a 14-day ultimatum to the Nigerian government, a deadline that expired on Thursday.
Nigeria is currently battling to reverse the judgement of the London court which awarded $9.6 billion in favour of P&ID over an alleged breach of a gas supply contract agreement.
The government has also appealed against the order of the same court, which asked that a $200 million security payment be made into its account within 60 days, as a condition for a stay of execution of the $9.6 billion judgement after granting the country leave to appeal the judgement.
The Solicitor General of the Federation, Mr Dayo Akpata, who confirmed this to Channels explained that payment of the running cost ordered by the court was made pending the hearing of the appeal against the $9.6 billion judgement in favour of P&ID.
He added that the cost was a normal process and would be paid back if the appeal was successful.
