A United Kingdom court has granted the request of the Nigerian Government for a stay of execution on the $9.6 billion judgment it delivered in favour of an Irish firm, Process and Industrial Developments in August this year.
The report by Nigeria’s Channels Television said that the court in its ruling on Thursday, said that Nigeria should pay $200 million into the court’s account within 60 days for the stay of execution to be effective.
The report added P&ID had secured the damages against Nigeria, following a failed Gas Supply Project Agreement (GSPA) contract between it and the Federal Ministry of Petroleum Resources.
Nigeria’s Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, said in a brief from London the application for leave to appeal against the award and enforcement of the award was granted.
GIK/APA