UK court orders $200m refund to Nigeria in gas plant suit
- Posted on
- Comment
A London commercial court on Tuesday ordered that Nigeria be given the $200m (£156m) it deposited last year pending its appeal against the $10bn awarded to a firm over a failed gas plant.
Process and Industrial Development (P&ID), a British Virgin Islands-registered firm, had in 2017 won a $6.6 billion arbitration award after the West African country failed to adhere to the terms of the 2010 contract.
Last year, a UK court ruled that Nigeria’s assets could be seized if it did not pay the bill that had accrued to about $10bn.
Nigeria was allowed to appeal but told to pay a deposit of $200m.
On Monday, the Central bank of Nigeria (CBN) announced that the “London Commercial Court [had] ordered the release of the $200m guarantee”.
“The court also awarded a £70,000 ($90,000) cost in favour of Nigeria in addition to an earlier award of £1.5m,” it said in a statement on Twitter.
Nigeria’s Justice Minister, Abubakar Malami, said in a statement that the government is happy with the successes recorded so far in the case.
-BBC
ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
View all posts by: Nana Kwesi CoomsonRECOMMENDED STORIES
(Selorm) | 
(Nana Kwesi)