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London Court releases $200m cash deposit guarantee over P&ID fraud case back to Nigeria, Malami celebrates

Attorney-General of the Federation and Minister of Justice, Abubakar Malami, on Tuesday celebrates the Commercial Court in London for ordering the release of $200 million used as a deposit by Nigeria in the Process and Industrial Development (P&ID) case. The fund was immediately returned to the Nigerian government coffers.

Malami’s Spokesperson, Dr. Umar Jibrilu Gwandu, said in a statement that “we are glad having this victory in addition to multiple successes recorded so far.”

A United Kingdom Commercial Court on Tuesday 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.

Earlier on Tuesday, the Central Bank of Nigeria revealed via its official Twitter handle, @cenbank that the Court awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.

The Twitter post read: “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 court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.”

According to Malami’s Spokesperson, “the recent judgement 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.

“Since the time the Attorney-General of the Federation and Minister of Justice took over the coordination of the case, it has been a matter of success upon success. Among other successes, you may  recalled that as a result of the determination of the Attorney-General of the following successes, relating to the matter, were recorded:

– Order for stay of execution of the arbitral award was granted.

– Nigeria  recorded tremendous success  challenging the order for cash deposit of $200m to bank guarantee.

– Success was equally recorded for having an order for the extension of time to challenge award and agreement.

– Nigeria was successful as the court award payment of legal cost of €1.5m in favour of the country.

– The Court ordered release of bank guarantee in favour of the Federal Government of Nigeria.

– Award of payment of €70,00 to Nigeria as further legal cost relating to the issue.

– Nigeria obtains multiple positive rulings to obtain information from banks abroad which helped in establishing fraud.”

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