The United Kingdom Commercial and Arbitration Court has granted a stay of execution of the earlier judgment asking Nigeria to pay the sum of $9.6 billion to Process and Industrial Development Limited over a failed Gas Supply and Processing Agreement.
The court, however, asked Nigeria to pay the sum of $200 million as security fee for the stay of the execution pending the hearing and determination of the appeal it has lodged against the judgment.
READ: BREAKING: UK grants FG leave to appeal $9.6bn P&ID award
The court had earlier granted leave to Nigeria to appeal the judgment.
The Attorney General of the Federation and Minister of Justice, who is the leader of the Nigerian legal team in London, confirmed the development to Newsmen. Nigeria News
