The Federal Government through the Minister of Information and Culture, Alhaji Lai Mohammed has revealed that the judgment of the United Kingdom’s Commercial Court saved Nigeria’s assets from being seized by an Irish firm, Process and Industrial Developments (P&ID).
The Minister further said that the Government had instructed its lawyers to file an appeal against the court order for a security deposit of $200million to make the stay of execution of the $9.6billion award given to P&ID effective.
According to Mohammed, contrary to the claims of P&ID, the FG had a good outing in the UK Court.
The minister made the clarifications at a briefing in Abuja on the outcome of the proceedings in the UK Commercial Court.
Mohammed said, “Finally, and this is the most important point: For those who may still not understand the gravity of the judgement of the Commercial Court in London last week, let me say this: Had we lost our quest for a stay of execution and application to appeal in London last week, P&ID would by now be attempting to seize our assets all over the world.
“Remember they boasted, before the judgment, that they have started compiling a list of our assets which they will attach. But now, that’s an empty boast, thanks to the successes recorded in the court of law and the court of public opinion last week.
“Gentlemen, I have gone the extra mile to summarize our week-long activities in London as well as the judgement of the London-based Commercial Court on the arbitration award of 9.6 billion US dollars to P&ID in order to put the record straight and knock the bottom off the argument by P&ID and its cohorts that we did not score a big victory in London last week.
”It was indeed a huge victory, and P&ID has every reason to be worried that the 9.6 billion US dollars arbitration award to it has a good chance of being overturned.”