UK Court

A United Kingdom Commercial Court has ordered the release of $200m  used as a deposit in the case against Process & Industrial Development (P&ID) to the Nigerian government.

The Governor of Central Bank, Godwin Emefiele disclosed this in a statement on Tuesday.

Emefiele said the ruling follows the establishment of prima facie fraud before the court.

He said: “due to the substantial evidence of prima facie fraud established before the court, we are pleased that the judge has agreed to release the guarantee.

“We are also pleased that the Court has rejected P&ID’s application to increase the guarantee, which was clearly intended to be a diversionary tactic and entirely misconceived.

“This release which is an accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the Naira while ensuring monetary and price stability.

“This is a further and significant victory for Nigeria in our 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.

Emefiele said FRN will not rest until its secures justice for Nigerians no matter how long it takes.

 

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