P&ID Welcomes Ruling That Requires Nigeria Must Pay $200 Million to Avoid Asset Seizures

Statement from P&ID following today’s hearing in London

“The Court has ruled that the Nigerian Government must put up $200 million to maintain a stay of execution whilst it pursues an appeal against enforcement of the now $9.6 billion award in favor of P&ID.  The Nigerian Government will now have to put its money where its mouth is if it wants to avoid immediate seizure of assets. 

“The Nigerian Government’s recent media exercise to allege fraud against P&ID turned out to be a red herring. Indeed, the Nigerian Government did not present any evidence to support Attorney General Malami’s “findings” from his sham investigation. The Nigerian Government knows there was no fraud and the allegations are merely political theater designed to deflect attention from its own shortcomings.”