The United Kingdom Commercial Court has ruled that Nigeria can now file an appeal directing the seizure of its asset worth $9.6 billion over a failed gas supply contract with Process and Industrial Developments( P&ID).
According to the Attorney-General of the Federation, the “Application for leave to appeal against the award and enforcement of the award is granted.
“Application for stay of execution is being considered.”
Following the Presidential directive by President Muhammadu Buhari that the contract scandal should be investigated, the Economic Financial Crimes Commission (EFCC) arraigned four suspects for their alleged involvement in the Process and Industrial Development Nigeria limited (P&ID) deal.
Subsequently, two personnel of P&ID pleaded guilty to the charges leveled against them by EFCC and a Federal High Court also ruled that all assets belonging to the firm in Nigeria be forfeited.
