Thursday, December 3, 2020
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P&ID: UK Court Gives Fresh Verdict In Favour Of Nigerian Government

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A commercial court in London has ordered the release of a $200 million guarantee as security to be paid to the Nigerian government in the P&ID $10 billion arbitral claim.

P&ID had sought to increase the security to $400 million, but the court presided over by Judge Ross Cranston rejected the request and ordered cost of £70,000 against P&ID in addition to an award of £1.5 million earlier in September.

The £1.5 million was to cover legal costs the Federal Government incurred as part of its successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.

According to a tweet from the Central Bank of Nigeria (CBN) on Tuesday, the court also awarded £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5 million.

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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