(Breaking) P&ID: London Court orders release of $200M guarantee to Nigeria

September 29, 2020
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<!– CBN Governor Godwin Emefiele –>

CBN Governor Godwin Emefiele

By Kazeem Ugbodaga

The London Commercial Court on Tuesday ordered the release of $200 million guarantee as security in respect of the execution of the much discredited P&ID $10 billion Arbitral Claim, to Nigeria.

The Central Bank of Nigeria, CBN, disclosed this on its official twitter account on Tuesday.

The apex bank said with the release, the nation’s Foreign Exchange Reserves had been boosted by over $200 million.

The CBN added that the court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.

“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,” it tweeted.

Also, CBN Governor, Godwin Emefiele was quoted as saying that the outcome was due to the substantial evidence of prima facie fraud established before the court, saying that the nation was pleased that the judge had agreed to release the guarantee.

He added that the nation was also pleased that the Court had rejected P&ID’s application to increase the guarantee, which was clearly intended to be a diversionary tactic and entirely misconceived.

According to Emefiele, this release which is an accretion into the reserves, would further enhance the nation’s management of the exchange rate of its domestic currency, the Naira while ensuring monetary and price stability.

He said this was a further and significant victory for Nigeria in its ongoing fight to overturn the US$10 billion award procured through fraud and corruption by P&ID and former government officials.

“P&ID and its backers, Lismore Capital and VR Advisory, are increasingly seeing their case slip between their fingers. They continue to resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct our investigations across multiple jurisdictions,” he stated.

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