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FG Gets 48 Hours For New Bank Guarantee To Meet P&ID’s Cost

A London Commercial High Court presided over by Justice Christopher Butcher on Tuesday ordered the Federal Government to provide a new bank guarantee in 48 hours in respect to payment of an additional £30, 000 to Process and Industrial Development Limited (P&ID) by way of cost.
The new cost will be paid within 21 days.
This is the second of such costs ordered against the Federal Government in favour of P&ID.
This latest order as to cost is coming on the heels of the Federal Government’s application for stay of enforcement of an arbitral award in the sum of $9.6 billion, which had been granted the company in January 2018 by a London Arbitral Tribunal over a failed gas contract between Nigeria and P&ID.
Following the confirmation of the award by the London Commercial High Court in August, the Federal Government had applied for a stay over a complaint of “substantial fraud,” for which the court on September 26 granted a conditional stay.

Under the terms of the conditional stay, the court ordered the government to within 14 days, from the time of grant, pay P&ID the interim cost of the proceedings assessed at £250,000.

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