The Process and Industrial Development Limited has said Nigeria will not be able to file an appeal in respect of the $9.6bn arbitral award until the Federal Government pays it a $250,000 cost awarded by a United Kingdom court. The firm said the $250,000 payment must be paid to it by Nigeria within 14 days.
Justice Christopher Butcher of the Commercial Court in London on Thursday granted Nigeria’s request to stay of execution of the enforcement of the $9.6bn arbitral award pending the Federal Government’s appeal. Granting the stay conditionally, the judge ordered Nigeria to make a $200m security payment into its account within 60 days. He also granted Nigeria’s request for a leave to file the appeal in respect of the $9.6bn arbitral award.
AFP reports that the amount of the running cost was not disclosed in the open court. But P&ID, in a statement said the running cost which the Nigeria government must pay to it within 14 days before it could file the appeal amounted to $250,000.