, has said the Friday judgment of a UK Commercial Court suspending the execution of a $9.6 billion judgment debt against Nigeria is “a huge relief”.
Specifically, the Royal Courts of Justice Strand, London granted the stay of execution order in the arbitrary award, following the review of written submission by the Federal Government which contained new evidence. “For more than a year now, Nigeria has been restless in its search for justice because we have always believed that the P&ID gas supply contract was nothing but a sham.The minister recalled that one of the challenges the administration faced as soon as it came on board for the second tenure was the slamming of the judgment debt on the country.
The minister said the government took proactive steps to assure investors that the government would contest the ruling and no dime would be paid. “As soon as we finished with the domestic audience, we moved to the UK in a team to let the world know that the entire P&ID contract was a sham.“The minister gave kudos to the Attorney General of the Federation and Minister of Justice, Abubakar Malami, for a very brilliant team he set up to prosecute the case.
In a ruling, the court authorised the , a little known Irish engineering and project management company, to seize $9.6 billion in Nigerian assets over the failed contract.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MobilePunch - 🏆 8. / 63 Read more »
Source: MobilePunch - 🏆 8. / 63 Read more »
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Source: DailyPostNGR - 🏆 11. / 59 Read more »