The Federal Government says it is pleased with the UK Court Stay of Execution Order of the $9.6bn judgment it delivered in favour of Process and Industrial Developments in August.
The Nigerian government, through the Attorney General of the Federation, Abubakar Malami, described the development as a positive resolution which was an important step in the government’s efforts to have the matter resolved.
His comments come after the UK Commercial Court on Thursday granted the Federal Government of Nigeria’s request for leave to appeal, enabling the Government to appeal the Court’s recognition of the UK Arbitration Tribunal in the UK Court of Appeal.
The UK Commercial Court also approved the Government’s application for a “stay of execution” which will prevent the plaintiff, P&ID, from enforcing the UK Arbitration Tribunal’s earlier judgment while this case is heard on appeal before the Court of Appeal.
Mr Malami said: “I am pleased with today’s development in the court and see this as a positive resolution that constitutes an important step in the Government’s efforts to defend itself in a fair and just process.
“We look forward to challenging the UK Commercial Court’s recognition of the Tribunal’s decision in the UK Court of Appeal, uncovering P&ID’s outrageous approach for what it is: a sham based on a fraudulent and criminal activity developed to profit from a developing country.”
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