Thursday, September 16, 2021

P&ID: Malami commends UK court over release of $200m back to Nigeria

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Rayyan Alhassan
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or, or @Rayyan88 on Twitter.
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The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has commended the Commercial Court in London for ordering the release of $200m in the P&ID case to be returned to Nigerian government.

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The minister’s commendation is contained in a statement on Tuesday by his Special Assistant on Media and Public Relations, Umar Gwandu, in Abuja.

The statement said: “We are glad to have this victory in addition to multiple successes recorded so far.

“The recent judgement on Nigeria’s cases against P&ID demonstrated an outcome of strong commitment and determination of the present Federal Government through the Office of the Attorney-General of the Federation and Minister of Justice to tackle fraud, corruption, non-compliance with the due process.”

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The statement recalled that the minister, in relation to the case, achieved some successes which include:

“Order for stay of execution of the arbitral award was granted.

“Nigeria recorded tremendous success challenging the order for cash deposit of $200m to bank guarantee.

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“Success was equally recorded for having an order for the extension of time to challenge awards and agreements.

“Nigeria was successful as the court awarded payment of legal cost of €1.5m in favour of the country.

“The Court ordered release of bank guarantee in favour of the Federal Government of Nigeria.

“Award of payment of €70,00 to Nigeria as further legal cost relating to the issue.

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“Nigeria obtains multiple positive rulings to obtain information from banks abroad which helped in establishing fraud.”

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