A Commercial Court in London has ordered that the sum of $200 million used as a deposit by Nigeria in the Process and Industrial Development Limited (P&ID) case to be returned to the Nigerian government.
The Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN) disclosed this on Tuesday in a statement made available to newsmen by hisÂ
Special Assistant on Media and Public Relations, Dr Umar Gwandu.
The minister said the recent judgement on Nigeria’s cases against P&ID demonstrated an outcome of strong commitment and determination of the present administration, through the Office of the AGF to tackle fraud, corruption, non-compliance with the due process.
“Among other successes, you may recall that as a result of the determination of the Attorney-General of the Federation, the following successes, relating to the matter, were recorded:
“Order for stay of execution of the arbitral award was granted, Nigeria recorded tremendous success challenging the order for cash deposit of $200 million to bank guarantee and success was equally recorded for having an order for the extension of time to challenge award and agreement”, the minister’s spokesman stated.
Nigeria, he said, was also successful as the court awarded payment of legal cost of €1.5 million in favour of the country and also the release of bank guarantee in favour of the Federal Government of Nigeria.
Other successes recorded in the case as a result of the AGF’s efforts are the award of payment of €70,00 to Nigeria as further legal cost relating to the issue as well as the multiple positive rulings to obtain information from banks abroad which helped in establishing fraud obtained by Nigeria.
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