Home » Africa & World Politics, Latest Politics » UK court orders P&ID pay Nigeria £1.5million

UK court orders P&ID pay Nigeria £1.5million

Nigeria secured another victory against Process and Industrial Development(P&ID) in the UK court today as Sir Ross Cranston ordered it to make an interim payment of £1.5million to Nigeria.

The amount, to be paid within 21 days, is to cover the 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.

Both parties appeared in the English High Court today for a scheduled hearing of Nigeria’s case against the P&ID.

The hearing followed the major victory secured by Nigeria last Friday, allowing it to bring a fraud challenge against a $10 billion arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.

The hearing on Thursday decided on procedural and costs issues relating to Nigeria’s applications to challenge the arbitration award, and to determine the short term directions to trial.

A case management conference to determine the full trial window is scheduled to take place after November 2020.

Attorney General of the Federation and Minister of Justice, Abubakar Malami in a statement through his spokesperson, Dr. Umar Gwandu, described the ruling as another crucial win for Nigeria.

“his is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID”, Malami said..

Please read his full statement:”The Federal Republic of Nigeria today (Thursday) appeared in the English High Court for a scheduled hearing.

“The hearing followed the major victory secured by Federal Republic of Nigeria last Friday (September 4), allowing it to bring a fraud challenge against a $10bnn arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.

“FRN will now proceed to a full fraud trial. The hearing today was held to decide procedural and costs issues relating to the FRN’s applications to challenge the arbitration award, and to determine the short term directions to trial.

“Cranston J ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs the FRN incurred as part of their 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.”

“We are pleased that the English courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award.”

-PM News

Short URL: http://newnigerianpolitics.com/?p=57491

Posted by on Sep 11 2020. Filed under Africa & World Politics, Latest Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Biafra doesn’t need your investment, IPOB replies Miyetti Allah

Headlines

Why North lost its industries, wealth – Sanusi, others

Categories

Gov. Obaseki re-elected as Edo governor – shames Oshiomole

Browse Corruption Politics

Featuring Top 3/190 of Corruption Politics

Browse National Politics

Featuring Top 5/1018 of National Politics

Obasanjo is ”Nigeria’s Divider-in-Chief” – Presidency

Browse NNP Columnists

Featuring Top 10/1419 of NNP Columnists

IG: Politicians arming thugs ahead of Edo, Ondo Gov Polls

Advertisements

--

FEATURED VIDEOS

CBN’s Battle to Safeguard the Naira

ARCHIVES

September 2020
S M T W T F S
« Aug    
 12345
6789101112
13141516171819
20212223242526
27282930  

© 2020 New Nigerian Politics. All Rights Reserved. Log in - Designed by Gabfire Themes