Process and Industrial Development Limited (P&ID) has noted that Nigeria’s fresh appeal against the $200million security deposit would not stop the seizure of the country’s properties.
P&ID noted that the Nigerian Government must meet the deadline for the payment of the $200million security deposit and the over £250,000 awarded as cost in the last court session.
The Federal Government had in a statement issued by the Minister of Information and Culture, Lai Mohammed, said that it would appeal against the court ruling last week. Lai noted that the £250,000 payment awarded to P&ID is refundable if Nigeria wins the appeal.
“On the $200m 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,” the Minister had stated on Wednesday.
Justice Christopher Butcher of the Commercial Court in London had granted Nigeria the chance to appeal, on the condition that the country pays $200million into the courts account as security deposition within 60 days. The judge also awarded £250,000 cost to P&ID.
Following the plan by the FG to appeal the ruling, P&ID in its reaction to the development told The Punch that; “The English Court ordered Nigeria to pay $200 million as security, plus £250,000 to P&ID for its legal costs, as a condition for any stay of execution while Nigeria appeals the August judgment.
“The English Court rejected Nigeria’s application for permission to appeal the payment requirement. We are confident that Nigeria will fare no better with the Court of Appeal. If Nigeria refuses to pay, P&ID will be allowed to start seizing its assets.”
Jonathan Dennis is an Editor at Naija Buzz News Network. He oversees the production and publication of stories on NaijaBuzz.News and on Naija Buzz News TV. The former banker left his banking job to join Naija Buzz News in 2019. He was briefly the head of the “Wetin Dey Happen” news team. Jonathan is a proud ‘Akwa-Ibomite’ from Akwa Ibom State, South-South Nigeria.