Posted by Chris Ewokor | 3 weeks ago | 87 times
A London commercial court on Tuesday ordered that Nigeria be given the $200m (£156m) it deposited last year pending its appeal against the $10bn awarded to a firm over a failed gas plant.
Process and Industrial Development (P&ID), a British Virgin Islands-registered firm, had in 2017 won a $6.6 billion arbitration award after the West African country failed to adhere to the terms of the 2010 contract.
Last year, a UK court ruled that Nigeria's assets could be seized if it did not pay the bill that had accrued to about $10bn.
Nigeria was allowed to appeal but told to pay a deposit of $200m.
On Monday, the Central bank of Nigeria (CBN) announced that the "London Commercial Court [had] ordered the release of the $200m guarantee".
"The court also awarded a £70,000 ($90,000) cost in favour of Nigeria in addition to an earlier award of £1.5m," it said in a statement on Twitter
.Nigeria’s Justice Minister, Abubakar Malami, said in a statement that the government is happy with the successes recorded so far in the case.
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