Skip to main content

Nigeria Pays $200m Guarantee To UK Court In P&ID Case

 

The Nigerian Government has made a bank deposit of $200m to a court in the United Kingdom. 

The payment is a requirement for the stay of asset seizure it intends to obtain to stop Process and Industrial Development from seizing $9bn worth of assets from the country.

Nigeria received permission to appeal a ruling converting the award into a judgment in the UK in September 2019. 

It however needed to stop the British Virgin Island registered firm from acting on the judgment while an appeal was ongoing. 

Attorney-General of the Federation and Minister of Justice, Abubakar Malami, informed Reuters that it would appeal the $200m guarantee asked for by the court before the ‘stay of execution’ could be granted.

Without giving an update on the outcome of the appeal, a spokesperson for the AGF informed the British news agency on Thursday that it had paid the requested sum.

In addition, Nigeria has also engaged more lawyers for the appeal of the award judgment. 

Shaistah Akhtar, a partner with London-based law firm Mishcon de Reya., will lead the legal team alongside Mark Howard QC of Brick Court Chambers, the spokesperson revealed.

The Economic and Financial Crimes commission belatedly started investigating the sham deal for a failed gas processing contract executed by Irishmen Michael Quinn and Brandon Cahill. 

It has so far made three arrests.

Legal News AddThis :  Original Author :  SaharaReporters, New York Disable advertisements : 

from All Content
via

Comments

Post a Comment

Popular posts from this blog

The beautiful model Christina Evangeline: age, ethnicity, net worth, husband, baby

The art of modelling is more than merely putting on designer clothes and hitting the runway. It requires a lot of effort, self-care, determination, and an energetic spirit. Christina Evangeline, who is very attractive and beautiful, is a model who dedicated all her energy into this esteemed career. Fame and plenty of public attention came with her job, and she continues to show young women that success does not come overnight. It requires hard work and passion! Image: instagram.com, @yoevangeline Source: Instagram Who is Christina Evangeline ? According to the Christina Evangeline biography, she is a model who is best known for being Kenan Thompson’s wife. Christina was born on the 24th of March 1989 in the United States of America. Currently, Christina Evangeline age is 30 years. Her nationality is American, and she identifies herself as a Christian. Christina Evangeline ethnicity is White, and her Zodiac sign is Aries. Christina Evangeline race is Caucasian. Details of her paren...
Post a Comment
Read more

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

  A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja.  Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi...
Post a Comment
Read more

Learn how to clean washing machine in a surprisingly easy way

All machines can break down one day, and your washing machine is no exception. Knowing how to clean washing machine timely and effectively will help you reduce or even avoid additional expenses on servicing. Right now, you will be surprised to discover how easy it is! You do not even need any additional devices to do this except the ones that you already have in your house! Image: pexels.com Source: UGC A washing machine is an essential device in a modern home, but it has its own temper and demands! It reacts to the softness of water and quality of detergents that you use. In separate cases, the frequency and intensiveness of washing cycles can play their part. Now, it is time to discover several simple and cheap methods of cleaning of the essential parts of your little helper, to remove unpleasant odours, mould, and scale. The most important tips: how to clean washing machine How often is it necessary to do this cleaning? What do you think? Specialists insist on once in ...
Post a Comment
Read more