$9.6bn Fine: UK Court Grants Stay Of Execution Of Judgement
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.
The order for stay of execution was conditional.
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 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”.
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