The Federal Government of Nigeria says the UK Commercial Court on Thursday approved its application for a “stay of execution” of the $9.6 billion judgment debt issued against it in favour of an Irish company, Process and Industrial Development.
This was contained in statement issued by the Minister of Information, Alhaji Lai Mohammed on the outcome of Thursday’s hearing of Nigeria’s appeal at the London court.
According to the statement, the stay of execution will prevent P&ID, from enforcing the UK Arbitration Tribunal’s earlier judgment while the case is heard on appeal before the Court of Appeal.
The Minister also added that the Nigerian legal team, led by Abubakar Malami, the Minister of Justice and Attorney General of the Federation, also obtained leave to appeal, enabling the Federal Government to appeal the Court’s recognition of the UK Arbitration Tribunal in the UK Court of Appeal.
“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,” the Minister said in the statement.
Read the full statement below
Statement from the Federal Government of Nigeria on today’s developments in the Court
26 September 2019
LONDON – Earlier today, the UK Commercial Court 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.
The Attorney General Abubakar Malami commented further: “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.”