UK COURT ORDERS P&ID TO MAKE INTERIM PAYMENT OF £1.5 MILLION TO NIGERIA
The Business and Property Courts of England and Wales has ordered the Process and Industrial Development (P&ID) to make an interim payment of more than £1.5 million to the Nigerian Government within 21 days.
The court’s judgement followed the major victory secured by Nigeria on Friday, September 4 when a UK court presided by Judge Ross Cranston, granted the Federal Government’s applications for an extension of time and relief from a $10 billion arbitration sanction obtained by P&ID.
Nigeria appeared before the court on Thursday, September 10 for a scheduled hearing 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.
The presiding judge ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs Nigeria incurred as part of its successful application for the extension of time to challenge the arbitration award and procedural hearing.
Below is a statement from the spokesperson from the office of Attorney General of the Federation:
“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.
“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.”