A United Kingdom court on Thursday granted Nigeria leave to appeal against the award and enforcement of the $9.6bn judgment to Process & Industrial Development Limited (P&ID) over a failed gas deal.

This is according to available information from the Office of the Attorney General of the Federation (OAGF) which also indicated that the application for stay of execution is also currently being considered.

This is seen as a major leap as Nigeria makes a frantic effort at setting aside the judgment on that deal which authorities have widely said was fraudulent ab-initio and would hurt the struggling economy.
Read also: Nigeria takes gas flare sale campaign to US

A Nigerian delegation left for the United Kingdom at the weekend to discuss with the country’s legal team on best strategies in dealing with the matter and ensure the ruling is set aside.

Minister of Justice and Attorney General of the Federation, Abubakar Malami led that high powered delegation, which also comprised the Minister of Information and Culture, Lai Mohammed; Governor of Central Bank, Godwin Emefiele; Inspector General of Police, Mohammed Adamu and Acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu

Just before their departure, Malami had indicated that all strategies were being considered, “but it all depends on the beneficial one that has potency for setting aside the award having regards to the applicable law in the circumstances.”

….details later

Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp