The English High Court yesterday ordered the Process and Industrial
Developments (P&ID), to pay £1.5million to Nigeria as legal costs incurred
by the country to secure court judgement for the extension of time to
appeal the arbitration award of $9.6billion in favour of the firm.
This is just as the minister of Justice and the Attorney General of the Federation (AGF), Abubakar Malami (SAN) has stated that the federal government is not considering any possibility of negotiations with Process and Industrial Developments Limited (P&ID).
Nigeria had obtained judgement of the English court on September 4, 2020 granting the country right to appeal the arbitration award of $9.6 billion to the P&ID.
The court order for the P&ID to pay £1.5million to the country was awarded
yesterday when the federal government appeared in the English High
Court for a scheduled hearing of her case against the Irish firm.
The hearing process yesterday was meant to determine the procedural
and costs issues relating to Nigeria’s applications to appeal the arbitration award, and to determine the short term directions to trial.
However, Justice Cranston J ordered P&ID to make an interim payment of
more than £1.5 million within 21 days to cover legal costs Nigeria incurred as part of a successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.
A case management conference to determine the full trial window is
scheduled to take place after November 2020.
Reacting to the award against P&ID yesterday, Attorney General of
the Federation and Minister of Justice, Abubakar Malami (SAN) in a
statement through his spokesperson, Dr Umar Gwandu said “this is another crucial victory for Nigeria in our ongoing fight against the vulture-fund-backed P&ID.”
‘’We are pleased that the English Courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respecto our successful application for an extension of time to
challenge the award. This is a significant blow for P&ID, who continue to attempt to delay the process.
“To date, P&ID and its financial backer VR Capital have not produced a single document or credible witness to challenge the FRN’s fraud evidence. Instead, they continue to resort to disseminating misleading claims while taking every step possible to delay or obstruct our investigations across multiple jurisdictions.
‘’The FRN remains firmly committed to overturning the injustice of the
$10 billion award, and will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations into the GSPA are ongoing, and we are confident that more of the truth will be revealed over the coming months”, he added.