“The Federal Government is taking all necessary steps to appeal the decision of the UK Court, to seek for a Stay of Execution of the decision, to defend its rights.” Nigeria
The judge in London this month gave Process and Industrial Developments Limited the green light to claim assets worth about a fifth of Nigeria’s foreign reserves over the collapse of the 2010 agreement.
An arbitration tribunal in London awarded the firm $6.6 billion in damages in January 2017 — which has now risen to $9 billion with interest. He said the country’s anti-corruption agency, intelligence service and police had been ordered to start a “full-scale criminal investigation” into the original deal signed under former leader Goodluck Jonathan.
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