Politics

Nigerian Government pay P&ID £250,000 running cost as ordered by London Court

Mr. Abubakar Malami (SAN), the Attorney-General of the Federation and Minister of Justice

The Nigerian Government has reportedly paid £250,000 to Process and Industrial Developments Limited as running costs in the $9.6billion asset seizure legal battle.

Naija Buzz News had few weeks ago reported that Justice Christopher Butcher of the London Commercial Court had on September 26, ordered the Federal Government following its appeal request against the $9.6billion judgement to pay P&ID £250,000 as running cost.

Apart from the amount to be paid to the company, the FG was also ordered to deposit $200million as security payment into the court account within 60days.

The FG however appealed against the order to pay $200million as security payment to the court account.

The judge had awarded $9.6billion in favour of P&ID over the alleged breach of a gas supply contract with the Nigerian Government.

The judge who approved the FG request to appeal the judgement gave conditions to pay P&ID £250,000 in 14 days and $200million security deposit in 60 days.

The Federal Government had however alleged that it would be able to seek refund of the amount paid to P&ID when the appeal succeeded.

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  1. Pingback: Nigerian Newspapers Review (Thursday, 10 October, 2019) - Naija Buzz News

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