The Federal Government of Nigeria has finally agreed to pay the $200m security deposit ordered by Justice Christopher Butcher of the Commercial Court in London in September in the ongoing gas dispute case between Nigeria and Process and Industry Development Limited, it has been learnt.
The British court had asked Nigeria to pay $200m security payment in the court’s account while granting request to stay execution in the award of $9.6bn award in favour of Process and Industry Development Limited. In a statement exclusively obtained from P&ID on Saturday, the Federal Government’s legal team said during a hearing at the London court on Friday that Nigeria would pay the $200m security deposit.
The statement was made available by the Associate Director, In-House, London, the media firm that represents P&ID, Chris Rogers, the statement read in part, “Before Justice Butcher today (Friday) in London, the Nigerian legal team acknowledged that President Buhari has authorised the steps to provide a bank guarantee for the $200m in security that was ordered by the English Court in September.
