Home Thisday Newspapers Headlines News Today P&ID Loses Again, as UK Court Orders Release of $200m Guarantee to Nigeria

P&ID Loses Again, as UK Court Orders Release of $200m Guarantee to Nigeria

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P&ID Loses Again, as UK Court Orders Release of $200m Guarantee to Nigeria


cc20dbc1 breaking news

*Emefiele hails court order, says it will boost reserves

A London Commercial Court Tuesday ordered the release of the $200million guarantee put in place as security for the stay of execution granted Nigeria for the appeal filed against the judgment of Justice Christopher Butcher for the execution of the Arbitral award of $10 billion in favour of Process & Industrial Development (P&ID), a firm based in the British Virgin Islands.

P&ID had sought to increase the security to $400 million, but the court presided over by Sir Ross Cranston rejected the request and ordered cost of £70,000 against P&ID.

The court had earlier in the month granted another cost of £1.5million against P&ID.

Commenting on the outcome, the Governor of the Central Bank of Nigeria, Godwin Emefiele, said: “Due to the substantial evidence of prima facie fraud established before the Court, we are pleased that the Judge has agreed to release the guarantee. We are also…



Source: Thisday Newspaper