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UK Court Grants Stay Of Execution Of P&ID $9.6b Award, $200m Security Deposit Demanded


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A United Kingdom Commercial and Arbitration Court, has ordered a stay of execution of the $9.6billion damages secured against Nigeria by Process and Industrial Developments (P&ID), a company on the British Virgin Islands.

Naija News reports that the UK Court asked the Nigerian government to make a “Security Payment” of $200 million to the court.

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This online news platform understands that the British Court also granted Nigeria’s leave to file an appeal against the award.

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The ruling is coming after 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.

A brief by Abubakar Malami(SAN), the Attorney-General of the Federation and Minister of Justice, from London, 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.

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“Application for leave to appeal against the award and enforcement of the award is granted.”

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