• Sunday, April 21, 2024
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P&ID: UK court orders release of $200m to Nigeria


The Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), Tuesday, expressed appreciation as the Commercial Court in London, United Kingdom, ordered the release of $200m used as a deposit by Nigeria in the P&ID case to be returned to the Nigerian government.

This is contained in a statement by Umar Gwandu, Special Assistant on Media to the minister.

“We are glad having this victory in addition to multiple successes recorded so far,” the minister was quoted as saying.

Malami said the recent judgement on the Nigeria’s cases against P&ID demonstrated an outcome of strong commitment and determination of the present federal government through the Office of the Attorney-General of the Federation and Minister of Justice to tackle fraud, corruption, non-compliance with the due process.

“Since the time the Attorney-General of the Federation and Minister of Justice took over the coordination of the case, it has been a matter of success upon success.

“Among other successes, you may recalled that as a result of the determination of the Attorney-General of the the following successes, relating to the matter, were recorded: Order for stay of execution of the arbitral award was granted; Nigeria recorded tremendous success challenging the order for cash deposit of $200m to bank guarantee,” said the minister.

The statement stated further that success was equally recorded for having an order for the extension of time to challenge award and agreement.

“Nigeria was successful as the court award payment of legal cost of €1.5m in favour of the country.

“The Court ordered release of bank guarantee in favour of the Federal Government of Nigeria; and award of payment of €70,00 to Nigeria as further legal cost relating to the issue.”

The statement added that Nigeria obtained multiple positive rulings to obtain information from banks abroad which helped in establishing fraud.