BEVERLY HILLS, September 26, (THEWILL) – 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.
In the ruling on Thursday, the court said that Nigeria must pay a sum of $200m into the court’s account within 60 days for the stay of execution to be effective.
P&ID secured the damages against Nigeria following a failed Gas Supply Project Agreement (GSPA) contract between it and the Federal Ministry of Petroleum Resources.
The Court had earlier granted leave to the Federal Government to appeal the $9.6bn judgement against Nigeria.
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami in a brief from London said, “Application for leave to appeal against the award and enforcement of the award is granted”.
