- The UK Court had granted Nigeria’s request on stay of execution.
- Justice Butcher had given Nigeria 60 days to make the security payment available
The Federal Government has said it is not considering raising the $200m security payment that Justice Christopher Butcher of the Commercial Court in London ordered it to pay into the court’s account in respect of an appeal against the $9.6bn arbitral award in favour of Process and Industrial Developments Limited.
Speaking with Punch over the new court judgment, the Attorney General of the Federation, Abubakar Malami (SAN), said the government is looking beyond the money which is the condition attached to the stay of execution of the award.
It could be recalled that the court had on Thursday granted Nigeria’s request to stay of execution of the enforcement of the $9.6bn award pending the Federal Government’s appeal.
According to the ruling, the judge ordered Nigeria to make a $200m security payment into its account within 60 days after granting the request for leave to file the appeal in respect of the $9.6bn arbitral award.
According to Malami, the government is considering other legal options available besides paying the money, and it was not an exclusive option opened to the government.
While stating that the Federal Government was studying Thursday ruling, the minister added that the government is looking at other options that could be exploited.
“Raising the $200m is not an exclusive option at our disposal. We are studying the ruling and analysing all other available legal and judicial options open to exploit,” the minister explained.
Justice Butcher had given Nigeria 60 days to make the security payment available – and 14 days to pay running costs which sum was not disclosed in court.
Meanwhile, Following Thursday’s proceedings, P&ID in a statement said the running costs which government must pay to them within 14 days before they could file the appeal amounted to $250,000.
Justice Butcher had also said that P&ID had the right to seize Nigerian assets should either of the deadlines be missed.
The judge based his decision on the “real risk” that Nigeria’s “assets will not be returned if the appeal is successful and would be lost to the government and the people of Nigeria.”