P&ID $9.6bn Judgment: UK Court Grants Conditional Stay Of Execution

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A British court on Thursday granted Nigeria’s request to stay execution of the $9.6bn judgment it delivered in favour of Process and Industrial Developments earlier in August.

Giving a condition for the new order, the court asked the Nigerian Government to deposit $200m into the court’s account within 60 days for the stay of execution to take effect.

Recall that the Irish firm was awarded the sum of $9.6bn in damages against Nigeria following a failed gas supply contract between the two parties.

Nigeria’s Attorney-General and Minister of Justice, Abubakar Malami (SAN), while confirming the stay of execution, said, “Application for leave to appeal against the award and enforcement of the award is granted.”

 

Zainab Sa’id