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Published On: Wed, Sep 30th, 2020

P&ID: London court orders release of $200m back to Nigeria

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By Vivian Okejeme, Abuja

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, yesterday, hinted that the Commercial Court in London has ordered the release of $200million used as a deposit by Nigeria in the P&ID case to be returned to Nigerian government.
In a statement signed by his Media Aid, Dr. Umar Jibrilu Gwandu, the Minister said, ‘’We are glad having this victory in addition to multiple successes recorded so far.’’
The Minister said that the recent judgement on the Nigeria’s cases against P&ID demonstrated an outcome of strong commitment and determination of the present Federal Government through the Office of the Attorney-General of the Federation and Minister of Justice to tackle fraud, corruption, non-compliance with the due process.
According to the statement, ‘’Since the time the Attorney-General of the Federation and Minister of Justice took over the coordination of the case, it has been a matter of success upon success.’’
The statement reads in part,
‘’Among other successes, you may recalled that as a result of the determination of the Attorney-General of the 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 $200m to bank guarantee.
‘’Success was equally recorded for having an order for the extension of time to challenge award and agreement.
‘’Nigeria was successful as the court award payment of legal cost of €1.5m in favour of the country.
‘’The Court ordered release of bank guarantee in favour of the Federal Government of Nigeria.
‘’Award of payment of €70,00 to Nigeria as further legal cost relating to the issue.
‘’Nigeria obtains multiple positive rulings to obtain information from banks abroad which helped in establishing fraud,’’ the AGF recalled.

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