$9.6bn judgment: FG pays £250,000 cost to P&ID

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The Federal Government has paid £250,000 to Process and Industrial Developments Limited as ordered by Justice Christopher Butcher of the Commercial Court in London on Thursday, September 26, it was learnt. The money was ordered to be paid to P&ID as its running cost at the September 26 hearing of the London court.

The government, it was further learnt on Wednesday, appealed against the order of the same court which asked that a $200m security payment be made into its account within 60 days as a condition for a stay of execution of the $9.6bn judgment earlier given in favour of P&ID.

Justice Butcher had at the September 26 proceedings granted Nigeria leave to appeal against the $9.6bn awarded in favour of P&ID over an alleged breach of a gas supply contract tagged Gas Supply Processing Agreement.

In granting the leave, the court had ordered Nigeria to pay the £250,000 cost to P&ID within 14 days. It was learnt that Nigeria was able to beat the 14-day ultimatum which elapsed on Thursday (today). It was gathered that the payment was made through the Central Bank of Nigeria.

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