• Sunday, May 19, 2024
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UK court orders P&ID to deposit £1.5m for appeal against Nigeria

Justice Cranston J on Thursday ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs the FRN incurred as part of their successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.

This is as the Federal Republic of Nigeria appeared in the English High Court for a scheduled hearing, Thursday.

The hearing followed the major victory secured by Nigeria government last Friday, allowing it to bring a fraud challenge against a $10 billion arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.

Nigeria will now proceed to a full fraud trial. The hearing Thursday was held to decide procedural and costs issues relating to Nigeria’s applications to challenge the arbitration award, and to determine the short term directions to trial.

SEE ALSO: https://businessday.ng/business-economy/article/pid-contract-inside-details-of-how-uk-court-found-two-nigerians-culpable-of-bribery/

A case management conference to determine the full trial window is scheduled to take place after November 2020.

Umar Gwandu, spokesperson to the Attorney General of the Federation and Minister of Justice, Abubakar Malami, said in a statement late Thursday: “This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID. We are pleased that the English Courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award.

“This is a significant blow for P&ID, who continue to attempt to delay the process.

“To date, P&ID and its financial backer VR Capital have not produced a single document or credible witness to challenge the FRN’s fraud evidence. Instead, they continue to resort to disseminating misleading claims, while taking every step possible to delay or obstruct our investigations across multiple jurisdictions.

“The FRN remains firmly committed to overturning the injustice of the $10 billion award, and will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations into the GSPA are ongoing, and we are confident that more of the truth will be revealed over the coming months.”