The London Commercial Court has ordered the release of the $200million guarantee put in place by Nigeria as security for the stay of execution granted the nation for the appeal filed against the judgment of Justice Butcher for the execution of the Arbitral award of $10b in favour of Messrs. Process and Industrial Development Limited (P&ID).
The Central Bank of Nigeria (CBN) said that the court order has increased Nigeria’s Foreign Reserves by $200 million, as of today.
The Court presided over by Sir Ross Cranston rejected the request of P&ID to increase the security to $400 million and instead ordered a cost of £70,000 against P&ID.
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That same court, earlier in September 2020, had also granted another cost of £1.5 million against P&ID.
Commenting on the outcome, the Governor of Godwin Emefiele, expressed pleasure that the Court rejected the P&ID’s application to increase the guarantee, which he noted was clearly intended to be a diversionary tactic and entirely misconceived.
According to him, “Due to the substantial evidence of prima facie fraud established before the Court, we are pleased that the Judge has agreed to release the guarantee.
“This release, which is accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the Naira while ensuring monetary and price stability.”
Today’s order was seen as a further and significant victory for Nigeria in its determination to overturn the US$10 billion award procured through fraud and corruption by P&ID and former government officials.
Analysts are of the view that P&ID and its backers, Lismore Capital and VR Advisory, are increasingly fighting a lost battle, as they continue to resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct investigations across multiple jurisdictions.
A government source said: “The Nigerian Government is determined to secure justice for the people of Nigeria – no matter how long it takes. Investigations are on-going, and we are confident that more of the truth will be revealed over the coming months.”
Nigeria’s anti-corruption agencies had been directed to unravel the roles played by various government functionaries and private sector operators who connived with P &ID in a contract that was clearly designed to defraud the nation.
Some of those who played key roles have denied but others who are alive have been sued by the federal government.
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