A British court has granted Nigeria's request to stay execution of the $9.6bn judgment it delivered in favour of Process and Industrial Developments in August this year.
Minister of Justice, Mr. Abubakar Malami (SAN)
The United Kingdom (UK) Commercial and Arbitration Court on Thursday granted a stay of execution of the earlier judgment asking the Nigerian government to pay the sum of $9.6 billion to Process and Industrial Development Limited (P&ID) over a failed Gas Supply and Processing Agreement.
The court, however, asked Nigeria to pay $200 million as security fee for the stay of the execution pending the hearing and determination of the appeal it has lodged against the judgment.
The court had earlier granted leave to Nigeria to appeal the judgment.
The Attorney General of the Federation and Minister of Justice, Abubakar Malami, who is the leader of the Nigerian legal team in London, confirmed the development.