Process and Industrial Development Limited(P&ID) has said Nigeria‚Äôs¬† appeal moves will not stop it from commencing the seizure of the country‚Äôs assets.
It said the Federal Government must¬† meet the deadlines for the payment of $200m security deposit and ¬£250,000 cost awarded by a London court on September 26, noting that failure to do so, will make it take over the country’s assets.
Newspeakonline recalls that the Minister of Information and Culture, Lai Mohammed, on Wednesday said that the Federal Government had directed its lawyers to seek the leave of the court to appeal against last week‚Äôs 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 judgement awarded in favour of P&ID.
The court‚Äôs ruling ordered Nigeria to pay $200m security fund into the court‚Äôs account within 60 days as the condition for granting the nation‚Äôs request to stay execution in the $9.6bn award in favour of the Irish company and ¬£250,000 cost to¬† P&ID.
According to The Punch newspaper, a London-based public relations firm, iNHouse Communications, which P&ID engaged in the aftermath of the controversial $9.6bn judgment, said it was confident Nigeria‚Äôs fresh appeal would not succeed.
A statement attributed to a P&ID‚Äôs spokesperson in iNHouse, said: ‚ÄúThe 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.
‚ÄúThe English Court rejected Nigeria‚Äôs 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.‚ÄĚ
Justice Butcher of the London Commercial Court had ruled on August 16, 2019 that P&ID had the right to seize $9.6bn in Nigeria‚Äôs assets.
The court‚Äôs ruling bordered on a 2010 contract Nigeria signed with P&ID for the company to build a state-of-the-art gas processing plant to refine natural gas (‚Äúwet gas‚ÄĚ) into ‚Äúlean gas‚ÄĚ that Nigeria would receive free of charge to power its national electric grid.
The agreement suffered a setback and the P&ID won a $6.6bn arbitration award which in addition to interests rose to $9.6bn.
The London court in August affirmed Nigeria‚Äôs liability to pay the sum of $9.6bn to P&ID.