A British court says Nigeria can
appeal against the enforcement of the judgement granting Process and Industrial
Development Limited (P&ID) the fiat to size the country’s assets worth $9.6
billion.
The court gave the order on
Thursday.
Nigeria had asked for permission
to appeal against the enforcement of the judgement. It also asked for a stay of
execution of the arbitral award. But the court is yet to rule on the second
request.
If the court grants the request
for stay of execution – without conditions – Nigeria could have its head above
water.
Abubakar Malami, attorney-general
of the federation (AGF) and Godwin Emefiele, governor of the Central Bank of
Nigeria (CBN), led a delegation of senior government officials to the UK to
seek a legal solution to the matter on Sunday.
This was after building up a case
against P&ID in Nigeria. A federal high court in Abuja convicted
representatives of the company of economic sabotage and ordered the forfeiture
of assets linked to the firm.
The judgement of the high court
formed part of the grounds of the country’s suit.
P&ID had claimed it entered
an agreement with the Nigerian government to build a gas processing facility in
Calabar, Cross River, in 2010, but that the government breached the contract.
It then sought judicial remedy, securing an arbitral award against Nigeria in
January, 2017.
But the contract has been
described as a scam. Michael Aondoakaa, former attorney-general of the
federation (AGF), said it was not approved by the federal executive council
(FEC) under the Yar’ adua administration.
President Muhammadu Buhari said
on Wednesday the P&ID deal was a scam designed to dupe Nigeria.
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