Process and Industrial Development Limited, P&ID, has said Nigeria’s fresh appeal moves will not stop it from commencing the seizure of the country’s assets.
The company said the government of Nigeria must meet the deadlines for the payment of $200m security deposit and £250,000 cost awarded by a London court on September 26.
The Minister of Information and Culture, Lai Mohammed, had said on Wednesday that the government had directed its lawyers to seek the leave of the court to appeal against last week’s ruling of Justice Christopher Butcher of the Commercial Court in London imposing the payments as conditions for granting a stay of execution of a $9.6bn award in favour of P&ID.
The court’s ruling ordered Nigeria to pay $200m security fund into the court’s account within 60 days as the condition for granting the nation’s request to stay execution in the $9.6bn award in favour of the P&ID, and £250,000 cost to the P&ID.
But according to The PUNCH, P&ID, through a London-based public relations firm, iNHouse Communications, which it engaged in the aftermath of the controversial $9.6bn judgment, said it was confident Nigeria’s fresh appeal would not succeed.
The firm said, “The English Court ordered Nigeria to pay US $200 million as security, plus GBP 250,000 to P&ID for its legal costs, as a condition for any stay of execution while Nigeria appeals the August judgment.
“The English Court rejected Nigeria’s application for permission to appeal the payment requirement. We are confident that Nigeria will fare no better with the Court of Appeal. If Nigeria refuses to pay, P&ID will be allowed to start seizing its assets.”