The English Commercial and Arbitration Court said if the Nigerian government is interested in “stay action of the $9.6billion damages” awarded to P&ID, then Nigerian government should deposit $200 million as security pending the determination of an appeal by the Federal Government.
The court also granted Nigeria’s leave to file an appeal against the award of the said damages.
Accordingly, the P&ID secured an award of $9.6billion against Nigerian government following a failed Gas Supply Project Agreement (GSPA) contract between the company and the Nigerian government.
While giving brief in London, Mr. Abubakar Malami (SAN), the Attorney General and Minister of Justice of Nigeria said; “Stay of execution granted subject to payment of $200m security payment to court pending the determination of the appeal the leave for which has been granted by the commercial court.
Meanwhile, “Application for leave to appeal against the award and enforcement of the award is granted.” The minister added.
