BREAKING: P&ID $9.6bn award: FG appeals against UK court’s $200m deposit

BREAKING: P&ID $9.6bn award: FG appeals against UK court’s $200m deposit

Soni Daniel – Abuja

The Federal Government (FG) has appealed against last week’s order of the United Kingdom Commercial court asking it to deposit with it the sum of $200 million as a condition for the granting of the stay of execution of the $9.6 billion judgment in favour of Process and Industrial Development (P&ID).

The Minister of Information, Alhaji Lai Mohammed, who announced the decision at a news conference in Abuja, said however that the government had a good chance of winning the appeal to set aside the entire award granted in favour of the British Virgin Island firm over a controversial 2010 gas processing and supply contract, which he described as a scam.

Continue reading BREAKING: P&ID $9.6bn award: FG appeals against UK court’s $200m deposit at Vanguard News.

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