Reprieve came the way of Nigeria on Thursday as a UK Commercial Court granted a stay of execution of the 9.6 billion dollar judgment debt made against the country over a botched gas contract.
A statement on the court’s decision in London was made available to newsmen in Abuja by the office of the Minister of Information and Culture, Alhaji Lai Mohammed.
“Earlier today, the UK Commercial Court granted the Federal Government of Nigeria’s request for leave to appeal, enabling the Government to appeal the Court’s recognition of the UK Arbitration Tribunal in the UK Court of Appeal.
“The UK Commercial Court also approved the Government’s application for a “stay of execution” which will prevent the plaintiff, P&ID, from enforcing the UK Arbitration Tribunal’s earlier judgment while this case is heard on appeal before the Court of Appeal,” the statement read in part.
In the statement, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN) said he was happy with the court’s decision.
“I am pleased with today’s development in the court and see this as a positive resolution that constitutes an important step in the Government’s efforts to defend itself in a fair and just process.