Soni Daniel – Abuja

The Federal Government (FG) has appealed against last week’s order of the United Kingdom Commercial court asking it to deposit with it the sum of $200 million as a condition for the granting of the stay of execution of the $9.6 billion judgment in favour of Process and Industrial Development (P&ID).

P&ID
Alhaji Lai Mohammed

The Minister of Information, Alhaji Lai Mohammed, who announced the decision at a news conference in Abuja, said however that the government had a good chance of winning the appeal to set aside the entire award granted in favour of the British Virgin Island firm over a controversial 2010 gas processing and supply contract, which he described as a scam.

Mohammed said: “On the $200 million payment as a condition for the granting of the stay of execution, Nigeria has instructed its lawyers to seek the leave of the Court of Appeal to appeal against that payment”.

Details later…

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