• Monday, May 27, 2024
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P&ID: Nigeria’s foreign reserves get boast as London court orders release of $200m

Trial starts in $11 Billion lawsuit threatening Nigeria’s economy

The Federal Government of Nigeria has secured another landmark victory as a London Commercial Court on Tuesday ordered the release of the $200 million guarantee put in place as security for the stay of execution granted the country for the appeal filed against Process and Industrial Developments (P&ID).

“Nigeria’s Foreign Exchange Reserves was this morning boosted by over $200 million when the London Commercial Court ordered the release of the $200 million guarantee put in place as security in respect of the execution of the much-discredited P&ID $10 Billion Arbitral Claim,” Central Bank of Nigeria (CBN) tweeted Tuesday afternoon.

Read Also: CBN AGSMEIS loan disbursement: North-Central gets N18.29bn

According to the CBN, the court also awarded £70,000 in favour of Nigeria in addition to an earlier award of £1.5 million.

Process & Industrial Developments, a firm based in the British Virgin Islands, set up solely to build a gas processing plant in Nigeria, won a $6.6 billion arbitration award after the 2010 deal collapsed.

The award had been accruing interest since 2013 and is now worth more than $10 billion.