The Nigerian government has welcomed the UK Court Stay of Execution Order of the $9.6bn judgment it delivered in favour of Process and Industrial Developments (P&ID) in August.
To this end, the order will prevent the plaintiff, P&ID, from enforcing the UK Arbitration Tribunal’s earlier judgment while this case is heard on appeal before the Court of Appeal.
Nigeria had, on Thursday, been granted leave to appeal against the award and enforcement of the judgment.
The country’s Attorney General and Minister of Justice, Abubakar Malami, said that Stay of Execution Order was an important step in the government’s efforts to have the matter resolved.
“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,” Malami said.
“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 a fraudulent and criminal activity developed to profit from a developing country.”
A United Kingdom Commercial Court had ruled in favour of the Irish company, P&ID, to seize Nigeria’s assets worth $9 billion over a failed gas supply agreement with the Nigerian government.
The country has since sought stay of execution on the award of the money to P&ID.
“The present Nigerian government is facing the challenges of corruption head-on,” President Muhammadu Buhari had, on Tuesday, told world leaders at the United Nations General Assembly in New York.
Buhari told world leaders that P&ID intended to cheat Nigeria of billions of dollars and hence his directive to the country’s Economic and Financial Crimes Commission (EFCC), the National Intelligence Agency (NIA), and the Inspector-General of Police, Mohammed Adamu, to conduct a thorough investigation into the activities of the Irish firm.
“We are giving notice to international criminal groups by the vigorous prosecution of the P&ID scam attempting to cheat Nigeria of billions of dollars.”