A UK judge on Thursday gave Nigeria permission to seek to overturn a ruling that would have allowed a private firm to try to seize more than $9 billion in assets from the West African country.
The judge also granted Nigeria’s request for a stay on any asset seizures while its legal challenge is pending, but ordered it to pay $200 million to the court within 60 days to ensure the stay.
The original decision on Aug. 16 converted an arbitration award held by firm Process & Industrial Developments (P&ID) to a legal judgment, which would allow the British Virgin Islands-based firm to try to seize international assets.
Nigeria’s appeal of this decision, called a “set-aside”, would need to prove there was an error in the ruling.
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