P&ID vs Nigeria: What happened at UK court on Thursday -

The UK Commercial Court on Thursday 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, Process and Industrial Development Ltd (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, in reaction, said: “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.”

The Nigerian government is appealing the court decision which ordered seizure $9.6bn in Nigerian asset.

Last week, the Federal High Court in Abuja forfeited P&ID’s assets in Nigeria over charges of fraud and tax evasion.

The judgement was delivered by Justice Inyang Eden Ekwo.

But P&ID mocked Nigeria, Malami and the Economic Financial Crimes Commission (EFCC) for producing false evidences.

The company also said it was not aware that Nigeria conducted any investigation that led to the court hearing.