30 Sep P&ID: London Court orders release of $200m guarantee to Nigeria
A London court has ordered the release of the $200 million guarantee placed as security by the Nigerian government in relation to the Process and Industrial Development (P&ID) $10 billion arbitral claim.
The CBN said the court also awarded £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5 million.
The Royal Courts of Justice Strand, London, WC2A 2LL presided over by Justice Sir Ross Cranston, said following a review of written submissions by the Nigerian government after the arbitral award, which contained “new evidence” concerning the matter in dispute, the court decided to grant “Nigeria’s applications for an extension of time and relief from sanctions.”
The P&ID issue begun last year when a U.K. judge ruled P&ID could enforce an arbitration tribunal’s 2017 ruling, now totaling $9.6 billion including interest, which found the country breached the agreement. But Nigeria has always insisted that the deal was a sham. P&ID had also been discredited by many stakeholders.