The United Kingdom Commercial Court has granted Nigeria’s request for leave to appeal the $9.6bn tribunal judgement which was ruled in favour of a UK company known as Process and Industrial Development (P&ID)
The Thursday ruling has now enabled the Nigerian Government to appeal the Court’s recognition of the UK Arbitration Tribunal in the UK Court of Appeal.This pronouncement is a step in the right direction for the government considering the huge loss the initial judgement would have caused.
The UK Commercial Court also approved the Government’s application for a “stay of execution” which will prevent the plaintiff, P&ID, from enforcing the UK Arbitration Tribunal’s earlier judgment while this case is heard on appeal before the Court of Appeal.
In an interview after the judgement in London, Attorney General of Nigeria, Abubakar Malami said;“I am pleased with today’s development in the court and see this as a positive resolution that constitutes an important step in the Government’s efforts to defend itself in a fair and just process. We look forward to challenging the UK Commercial Court’s recognition of the Tribunal’s decision in the UK Court of Appeal, uncovering P&ID’s outrageous approach for what it is: a sham based on fraudulent and criminal activity developed to profit from a developing country.”