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