$9.6bn Judgment: UK Court Grants FG Conditional Stay Of Execution

A court in London, United Kingdom, on Thursday granted Nigeria’s request to stay execution of the $9.6bn judgment it delivered in favour of Process and Industrial Developments earlier in August.

Giving a condition for the new order, the court asked the Nigerian Government to deposit $200m into the court’s account within 60 days for the stay of execution to take effect.

Recall that the Irish firm was awarded the sum of $9.6bn in damages against Nigeria following a failed gas supply contract between the two parties.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), while confirming the stay of execution, said, “Application for leave to appeal against the award and enforcement of the award is granted.”