The United Kingdom Commercial and Arbitration Court on Thursday has granted the Federal Government, FG, of Nigeria leave to appeal against the $9.6 billion award and enforcement of the judgment in favour of Process and Industrial Developments Limited, P&ID.
The British Council had ruled that P&ID should seize Nigeria’s FG assets worth $9.6 billion dollars in its judgement on September 11.
However, the legal team is currently arguing the case for the stay of the execution of the judgement. Application for stay of execution is a process, if granted by the court, which restricts the execution of a court’s judgement until the substantial appeal is concluded.
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The Attorney General of the Federation and Minister of Justice, Abubakar Malami, who is the leader of the Nigerian legal team currently in London, confirmed the development.
Details later…