UK COURT ORDERS RELEASE OF $200M DEPOSITS TO NIGERIA
A London commercial court has ordered the release of the $200 million used as a deposit in the case against Process & Industrial Development (P&ID) to the Nigerian government.
Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) confirmed the development on Tuesday when he took to his tweet and declared that the ruling followed the establishment of prima facie fraud before the court. The court also awarded £70,000 cost in favor of Nigeria in addition to an earlier award of £1.5 million.
Emefiele commented on the outcome saying: ‘due to the substantial evidence of prima facie fraud established before the court, we are pleased that the judge has agreed to release the guarantee. We are also pleased that the Court has rejected P&ID’s application to increase the guarantee, which was clearly intended to be a diversionary tactic and entirely misconceived.
‘This release which is an accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the Naira while ensuring monetary and price stability.’
‘This is a further and significant victory for Nigeria in our ongoing fight to overturn the US$10 billion award procured through fraud and corruption by P&ID and former government officials.’
‘P&ID and its backers, Lismore Capital and VR Advisory, are increasingly seeing their case slip between their fingers. They continue to resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct our investigations across multiple jurisdictions.’
‘The FRN will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations are ongoing, and we are confident that more of the truth will be revealed over the coming months.’
The court also rejected P&ID’s application to increase the guarantee. Ross Cranston, the presiding judge, refused P&ID’s plea to increase the security to $400 million.
He said ‘Nigeria’s foreign exchange reserves was this morning boosted by over $200 million when the London Commercial Court ordered the release of the $200 million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 billion arbitral claim,’ the tweet read.