The Federal Government is not considering raising the $200m security payment that Justice Christopher Butcher of the Commercial Court in London ordered it to pay into the court’s account in respect of an appeal against the $9.6bn arbitral award in favour of Process and Industrial Developments Limited, it was learnt. The government is looking beyond the money which is the condition attached to the stay of execution of the award.
Specifically, it is considering other legal options available besides paying the money. The Attorney General of the Federation, Abubakar Malami (SAN), disclosed these on Friday. The court on Thursday granted Nigeria’s request to stay of execution of the enforcement of the $9.6bn 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. The court also granted Nigeria’s request for leave to file the appeal in respect of the $9.6bn arbitral award.
