UK court orders release of $200m guarantee to Nigeria over case with P&ID

Nigeria has received yet another reprieve over its case with P&ID as a British court today, Tuesday ordered the release of the $200m guarantee put in place as security in respect of the execution of the much-discredited Process and Industrial Development $10bn arbitral claim.

According to the Central Bank of Nigeria, CBN which disclosed this through its official Twitter handle, @cenbank, the court awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.

“Nigeria’s foreign exchange reserves was this morning boosted by over $200 million when the London Commercial Court ordered the release of the $200 million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 billion arbitral claim.

“The court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m,” CBN tweeted.