• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Wednesday, October 1, 2025
No Result
View All Result
NewsNet Nigeria
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos
NewsNet Nigeria
No Result
View All Result
Home Economy

P&ID: London court orders return of $200m guarantee to Nigeria

by NewsNet Nigeria
5 years ago
in Economy
P&ID: London court orders return of $200m guarantee to Nigeria
Share on FacebookShare on TwitterShare on LinkedinShare on Whatsapp

The London Commercial court has ordered release of the $200million guarantee Nigeria placed as security for the stay of execution of Messrs. Process and Industrial Development Limited (P&ID’s) claims.

A statement from the Central Bank of Nigeria (CBN) said the release of the $200 million security deposit has swollen the country’s foreign reserve.

According to the CBN, Nigeria filed an appeal “against the judgment of Justice Butcher for the execution of the Arbitral award of $10billion in favour of Messrs. Process and Industrial Development Limited (P&ID)”.

“The court presided over by Sir Ross Cranston rejected the request of P&ID to increase the security to $400 million and instead ordered cost of £70,000 against P&ID”.

The Nation had reported the same court in September 2020 also granted another cost of £1.5Million against P&ID.

Commenting on the outcome, CBN Governor, Godwin Emefiele, expressed pleasure the Court rejected the P&ID’s application to increase the guarantee, which he noted was clearly intended to be a diversionary tactic and entirely misconceived.

According to him: “Due to the substantial evidence of prima facie fraud established before the Court, we are pleased that the Judge has agreed to release the guarantee.

“This release, which is an accretion into the reserves, will further enhance the nation’s management of the exchange rate of its domestic currency, the Naira while ensuring monetary and price stability,” he added.

Tuesday’s order, the CBN governor noted, “is seen as a further and significant victory for Nigeria in its determination to overturn the US$10 billion award procured through fraud and corruption by P&ID and former government officials”.

The CBN said a government source had assured that: “the Nigerian Government is determined to secure justice for the people of Nigeria – no matter how long it takes”.

(The Nation)

Previous Post

Senator Abbo gets N50m fine for assaulting saleswoman

Next Post

Extra: Women outnumber men by 10 million in Russia

MORE NEWS

FG Declares Friday, September 5, Public Holiday for Eid-ul-Mawlid
Celebration

The Worst Is Over, Nigeria on Path to Recovery, Says Tinubu at 65th Independence Anniversary

October 1, 2025
Delta Speaker Guwor Urges Collective Action for a Greater Nigeria at 65th Independence Anniversary
Celebration

Delta Speaker Guwor Urges Collective Action for a Greater Nigeria at 65th Independence Anniversary

October 1, 2025
Senator Nwoko Urges Ohaneze’s Sustained Backing for Creation of Anioma State
Celebration

Senator Nwoko Urges Ohaneze’s Sustained Backing for Creation of Anioma State

September 30, 2025
Delta North Monarch Affirms Anioma Are Igbos, Backs Nwoko’s Push for Statehood
Economy

Delta North Monarch Affirms Anioma Are Igbos, Backs Nwoko’s Push for Statehood

September 24, 2025
Next Post
Extra: Women outnumber men by 10 million in Russia

Extra: Women outnumber men by 10 million in Russia

Leave Comment

RECENT STORIES

Delta Speaker Guwor Urges Collective Action for a Greater Nigeria at 65th Independence Anniversary

Delta Speaker Guwor Urges Collective Action for a Greater Nigeria at 65th Independence Anniversary

October 1, 2025
I am not senator for only APC members – Joel-Onowakpo

Constituents Express Concern Over Senator Joel-Onowakpo’s Perceived Silence in Senate

September 30, 2025
Warri Rebirth Initiative Postpones October 1st Celebration over Security Concerns

Warri Rebirth Initiative Postpones October 1st Celebration over Security Concerns

September 30, 2025
FRSC Loses Five Personnel to Reckless Drivers in September, Corps Marshal Orders Prosecution

FRSC Loses Five Personnel to Reckless Drivers in September, Corps Marshal Orders Prosecution

September 30, 2025
Arise TV Colleague Reveals Anchor, Somtochukwu Maduagwu, Jumped From Storey Building During Robbery

Arise TV Colleague Reveals Anchor, Somtochukwu Maduagwu, Jumped From Storey Building During Robbery

September 30, 2025

TRENDING STORIES

  • Ibru Organisation Chairman, Olorogun Oscar Ibru, Dies at 67

    Ibru Organisation Chairman, Olorogun Oscar Ibru, Dies at 67

    0 shares
    Share 0 Tweet 0
  • FIFA Strips South Africa of Win Over Lesotho for Fielding Ineligible Player

    0 shares
    Share 0 Tweet 0
  • Uroye Calls for Calm, Dialogue as Tension Heightens Over Killing of Jerry, Consoles Family

    0 shares
    Share 0 Tweet 0
  • At 70, I Owe All Life Has Given Me to God – Chief Ejovi

    0 shares
    Share 0 Tweet 0
  • Delta Police Begin Enforcement on Tinted Glass, Siren, Number Plate Regulations October 2

    0 shares
    Share 0 Tweet 0
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.

No Result
View All Result
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.