Commercial Law

Malami appreciates London court over release of $200m deposit back to Nigeria

By Olalekan Awojodu

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN on Tuesday expressed appreciation as the Commercial Court in London ordered the release of $200m used as a deposit by Nigeria in the  Process and Industrial Development Limited (P&ID) case to Nigerian government.

Justice  Butcher had granted the execution of the Arbitral award of $10 billion in favour of Messrs P&ID, but Lord Ross Cranston granted an appeal by Nigeria to prove that the whole deal was fraud. Sir Cranston also rejected the request of P&ID to increase the security to $400 million. Rather,  he ordered a cost of £70,000 against the firm.

In a statement issued by the Special Assistant on Media and Public Relations to the Minister, Dr. Jubril Umar Gwandu, on Tuesday, the minister expressed happiness over the victory in addition to multiple successes recorded so far.

The statement partly reads; “The recent judgment on the Nigeria’s cases against P&ID demonstrated an outcome of strong commitment and determination of the present Federal Government through the Office of the Attorney-General of the Federation and Minister of Justice to tackle fraud, corruption, non-compliance with the due process.”

According to the AGF, there has been success upon success since his office took over the coordination of the case.

“Among other successes,  you may  recalled that as a result of the determination of the Attorney-General of the federation, successes, relating to the for stay of execution of the arbitral award among others was granted.

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