A United Kingdom court has granted Nigeria stay of execution of the judgement in favor Process and Industrial Developments (P&ID) Limited to seize $9.6bn in Nigerian assets.
The stay of execution granted by the court on Thursday is however subject to payment of $200m security payment to the court pending the determination of the appeal.
The same court had earlier same day granted Nigeria leave to appeal against the judgement, according to despatches sent by Dr Umar Jubrilu Gwandu, media aide to Malam Abubakar Malami SAN, Minister of Justice and Attorney General of the Federation.
Reacting to the developments, the Minister while expressing delight said they are positive signals in the determination of the Federal Government to secure justice for Nigeria “in a fair and just process.”
Says Malami :“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 fraudulent and criminal activity developed to profit from a developing country.”