By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily MailDaily Mail
  • News
  • Politics
  • Crime
  • Metro
  • Opinion
  • Sports
  • Entertainment
  • Business
Reading: BREAKING: UK Court Orders P&ID to Make Interim Payment of £1.5m to Nigeria
Share
Notification Show More
Font ResizerAa
Font ResizerAa
Daily MailDaily Mail
  • News
  • Politics
  • Crime
  • Metro
  • Opinion
  • Sports
  • Entertainment
  • Business
  • News
  • Politics
  • Crime
  • Metro
  • Opinion
  • Sports
  • Entertainment
  • Business
Have an existing account? Sign In
Follow US
  • News
  • Politics
  • Crime
  • Metro
  • Opinion
  • Sports
  • Entertainment
  • Business
© 2025 Daily Mail. Design By CrownTech. All Rights Reserved.
Daily Mail > Blog > News > BREAKING: UK Court Orders P&ID to Make Interim Payment of £1.5m to Nigeria
News

BREAKING: UK Court Orders P&ID to Make Interim Payment of £1.5m to Nigeria

Admin
Admin 5 years ago
Share
4 Min Read
SHARE

UK Court Orders P&ID to Make Interim Payment of £1.5m to Nigeria

The Federal Republic of Nigeria (FRN) Thursday appeared in the English High Court for a scheduled hearing.

The hearing followed the major victory secured by FRN last Friday, allowing it to bring a fraud challenge against a $10 billion arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.

In a statement on Thursday, a spokesperson of Attorney General of the Federation said Nigeria will now proceed to a full fraud trial. The hearing Thursday was held to decide procedural and costs issues relating to the FRN’s applications to challenge the arbitration award and to determine the short term directions to trial.

The sitting Judge of the High Court, Cranston J ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs the FRN incurred as part of their successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.

A case management conference to determine the full trial window is scheduled to take place after November 2020.

A spokesperson from the Attorney General of the Federation said:

“This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID. We are pleased that the English Courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award.

This is a significant blow for P&ID, who continue to attempt to delay the process.

“To date, P&ID and its financial backer VR Capital have not produced a single document or credible witness to challenge the FRN’s fraud evidence. Instead, they continue to resort to disseminating misleading claims, while taking every step possible to delay or obstruct our investigations across multiple jurisdictions.

“The FRN remains firmly committed to overturning the injustice of the $10 billion award, and will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations into the GSPA are ongoing, and we are confident that more of the truth will be revealed over the coming months.”

The spokesperson further stated that “the Honourable Attorney General would like to clarify his remarks made on Arise TV, as reported in an online medium yesterday [Not Vanguard].

“There will be no negotiation or talk of settlement with P&ID or any related party by or on behalf of the Federal Government of Nigeria. The recent judgment of the English Commercial Court confirmed our view that P&ID and its cohorts are fraudsters who have exploited our country. They will not benefit from their corrupt behaviour.

“This is a classic case with overwhelming fraudulent and corrupt undertones. The Federal Government of Nigeria is not considering any possibility of negotiations with P&ID. It has not only fallen within the tall order exception referred to by the Hon Attorney General in his interview with Arise TV yesterday, but lacks any legitimate foundation. We will not and cannot negotiate arbitral awards where the basis and foundation rely on fraud, corruption, breach of processes and procedures.”

You Might Also Like

Osun 2026: Imams Urge Political Parties To Zone Governorship Ticket To Osogbo

Ndume Hails Tinubu, Army Chiefs Over Swift Response To Borno Attack

Underrepresentation of Women In Politics Worrisome – Uchegbu

Insecurity: Be RuthlessService chiefs be more ruthless -APC Chieftain

Bridging the Divide: Ooni, Ogunsua, Baba Adinni’s Peace Initiatives Inspire Osun Communities

Share This Article
Facebook Twitter Email Print
Previous Article FEDPOEDE Structure Collapse: ASUP Chapter Calls for Investigation Panel for Rescue Mission I have always been exonerated of allegations by ASUP – Rector
Next Article 5100 card readers destroyed as fire guts Ondo INEC Headquarters
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Daily Mail > Blog > News > BREAKING: UK Court Orders P&ID to Make Interim Payment of £1.5m to Nigeria
News

BREAKING: UK Court Orders P&ID to Make Interim Payment of £1.5m to Nigeria

Admin
Admin 5 years ago
Share
4 Min Read
SHARE

UK Court Orders P&ID to Make Interim Payment of £1.5m to Nigeria

The Federal Republic of Nigeria (FRN) Thursday appeared in the English High Court for a scheduled hearing.

The hearing followed the major victory secured by FRN last Friday, allowing it to bring a fraud challenge against a $10 billion arbitration award obtained by vulture-fund-backed P&ID well outside the normal time limits.

In a statement on Thursday, a spokesperson of Attorney General of the Federation said Nigeria will now proceed to a full fraud trial. The hearing Thursday was held to decide procedural and costs issues relating to the FRN’s applications to challenge the arbitration award and to determine the short term directions to trial.

The sitting Judge of the High Court, Cranston J ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs the FRN incurred as part of their successful application for the extension of time to challenge the arbitration award and procedural hearing earlier in the year.

A case management conference to determine the full trial window is scheduled to take place after November 2020.

A spokesperson from the Attorney General of the Federation said:

“This is another crucial win for Nigeria in our ongoing fight against the vulture-fund-backed P&ID. We are pleased that the English Courts have taken our fraud challenge seriously, and awarded us a substantial interim payment in respect of our successful application for an extension of time to challenge the award.

This is a significant blow for P&ID, who continue to attempt to delay the process.

“To date, P&ID and its financial backer VR Capital have not produced a single document or credible witness to challenge the FRN’s fraud evidence. Instead, they continue to resort to disseminating misleading claims, while taking every step possible to delay or obstruct our investigations across multiple jurisdictions.

“The FRN remains firmly committed to overturning the injustice of the $10 billion award, and will not rest until we secure justice for the people of Nigeria – no matter how long it takes. Investigations into the GSPA are ongoing, and we are confident that more of the truth will be revealed over the coming months.”

The spokesperson further stated that “the Honourable Attorney General would like to clarify his remarks made on Arise TV, as reported in an online medium yesterday [Not Vanguard].

“There will be no negotiation or talk of settlement with P&ID or any related party by or on behalf of the Federal Government of Nigeria. The recent judgment of the English Commercial Court confirmed our view that P&ID and its cohorts are fraudsters who have exploited our country. They will not benefit from their corrupt behaviour.

“This is a classic case with overwhelming fraudulent and corrupt undertones. The Federal Government of Nigeria is not considering any possibility of negotiations with P&ID. It has not only fallen within the tall order exception referred to by the Hon Attorney General in his interview with Arise TV yesterday, but lacks any legitimate foundation. We will not and cannot negotiate arbitral awards where the basis and foundation rely on fraud, corruption, breach of processes and procedures.”

You Might Also Like

Boko Haram Insurgency: 2,700 Soldiers Killed In 12 Years – Gen Irabor

Troops Rescue 2 Kidnap Victims In Kwara

BREAKING: Mahmood Yakubu bows out as INEC chair, hands over to Agbamuche

Cooking Gas: Dangote Refinery Reduces Ex-depot Price from ₦810 to ₦760 Per Kg

UN Tourism to Partner with Eko Tourism Foundation

Share This Article
Facebook Twitter Email Print
Previous Article FEDPOEDE Structure Collapse: ASUP Chapter Calls for Investigation Panel for Rescue Mission I have always been exonerated of allegations by ASUP – Rector
Next Article 5100 card readers destroyed as fire guts Ondo INEC Headquarters
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Find Us on Socials

© 2025 Daily Mail. Design By CrownTech. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?