$9.6bn P&ID UK Judgement Will Be Set Aside – FG |


The Federal Government says it is optimistic that the entire judgement by a UK court permitting Process and Industrial Developments Limited (P&ID) to seize $9.6billion in Nigerian assets over a botched gas contract would be set aside.

Minister of Information and Culture, Lai Mohammed, stated this in London in reaction to Thursday’s ruling by a UK commercial court granting conditional stay of execution of the judgement and also granting leave for Nigeria to appeal the decision in the UK appellate court.

The minister’s reaction was released on Friday.

Mohammed said that with the reprieve granted by the court, Nigeria has the opportunity to take appropriate steps to set aside the entire judgement.

“We now have a fresh opportunity of arguing our case and even filing separate suit to argue that the entire judgement be set aside,” he said.

“As we have been saying everywhere we go, we have been compiling arguments that will make our case and position to set aside the judgement debt, an easy thing.”

The minister noted that besides the victory in the court, the Federal Government delegation to the UK had succeeded in changing the narratives of the case in favour of Nigeria in the international community.

The government delegation included the Minister of Justice and Attorney General of the Federation, Abubakar Malami; Governor of Central Bank of Nigeria, Godwin Emefiele; Inspector-General of Police, Mohammed Adamu; and the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu.

Mohammed said the meeting with investors and other stakeholders had also helped to change the negative narrative that the case might hamper foreign investments into the country.

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