By Ikechukwu Nnochiri – Abuja

The Federal Government, on Friday, said it has succeeded in securing variation of the United Kingdom court order that previously mandated it to make a cash payment of $200million as security, pending the determination of the appeal it lodged against Process and Industrial Developments (P&ID) Limited, P&ID.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami made this known in a statement that was issued by his Special Assistant on Media and Public Relations, Dr. Umar Jibrilu Gwandu.

He disclosed that the variation request which the UK court granted on Thursday, followed an appeal FG filed against the payment of $200m security component which was a condition for stay of execution of the judgment in favour of P&ID.

According to the statement, the Court granted FG’s request for variation of terms of the order seeking to provide a bank guarantee in place of direct deposit.

“Our application for variation of the order was allowed and we are as a result not making cash deposit but posting a bank guarantee,” the AGF stated.

He said: “We remain in control of our funds by the act of acceptance of the guarantee.

“The Government is not paying the $ 200m cash but positing a bank guarantee by the variation of the order.

“The advantage of the variation in the judgment from direct deposition of cash to posting of bank guarantee is that the money and its control resides in the Federal Government unlike when otherwise.

“The success recorded so far in relation to the $200m security deposit is that the amount of money remain in our custody, and we are simply providing a document.

“It is only when our case did not succeed, which we never anticipate, then the court can order the withdrawal the amount as stated in bank guarantee”.

Malami said FG’s requested for change in the method of paying the security deposit because it believed that the entire

contract would be quashed on the basis of fraud.

He reiterated Nigerian government’s commitment to vigorously pursue the case with a view to setting aside the $9.6billion judgement liability against the country, as well as quashing the entire controversial gas supply contract P&ID is laying claim to.

https://www.vanguardngr.com/2019/11/pid-fg-secures-variation-of-uk-court-order-on-200m-deposit/

FTC�

I trust Buhari for matters like this. P&ID non go see 1 naira not to talk of dollars. It is just the Malami guy I do not trust.

Ook

Wetin you gain

beejayio:
FTC�

steadily we will get there

G

L

Bank guarantee is almost the same as cash nah. The point is the $200M is still up for grabs only if the judgment goes in our favour. No biggie here abeg

Nigeria is winning this case, i believe

DMayor101:
Bank guarantee is almost the same as cash nah. The point is the $200M is still up for grabs only if the judgment goes in our favour. No biggie here abeg

Exactly all the comments above yours don't seem to understand this.

Also the attorney general saying this as if it's some sort of victory is being very ignorant and shows that Nigeria has no real chance of winning this case

DMayor101:
Bank guarantee is almost the same as cash nah. The point is the $200M is still up for grabs only if the judgment goes in our favour. No biggie here abeg

I'm certain it will give you immense pleasure if Nigeria loses this case... Enemy of the state

Nice move by FG.

Let them hold the document while the physical cash remains in Nigeria. At least the $200 million will be working within the country pending the determination of the case.

A bird at hand at hand is worth 100 in the bush.
Let them hold paper while we hold the money.

Since Buhari refused to pay P&ID, Atiku has packed his bag and returned to Nigeria. Nigger is out of job.

Atiku better go and sign up and be riding Opay.

BlackAfrican:


I'm certain it will give you immense pleasure if Nigeria loses this case... Enemy of the state

Nigeria will lose if truly the govt violated a signed valid contract, uk courts are not like Nigerian courts where the govt has overwhelming influence, but if on the other hand the grounds for violating the contract are legitimate, then Nigeria has a chance.

Interesting, abeg check out my signature for better guarantee o

This kind of news no dey gree align for brain. I dont even understand.

Lemme read again.

ernieboy:
Nigeria will lose if truly the govt violated a signed valid contract, uk courts are not like Nigerian courts where the govt has overwhelming influence, but if on the other hand the grounds for violating the contract are legitimate, then Nigeria has a chance.

P&ID took this same case to the US and lost woefully before they ran to the UK. Since Nigeria had their time, they have not made a single progress in the UK courts.

Mind you, the laws of the UK expressly state that they can't enforce arbitral proceedings or judgements against foreign states without consent of the State.

Did Nigeria give consent?

IbadanNews:
This kind of news no dey gree align for brain. I dont even understand.

Lemme read again.

You just wake now.

Wait for like 4 hours make your brain soji well.

IbadanNews:
This kind of news no dey gree align for brain. I dont even understand.

Lemme read again.

Whiteman say naija dey owe $200M for the market wey him sell give naija.
Naija say dem no see the market so dem no go pay whiteman.
White man carry naija go court, court come say make naija budget the money keep for one corner first, in case naija dem lose the case, dem pay whiteman.

For now, court no know who dey lie.
Whether na Naija or abi na whiteman.

Drama



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DMayor101:
Bank guarantee is almost the same as cash nah. The point is the $200M is still up for grabs only if the judgment goes in our favour. No biggie here abeg

Bank guarantee is not the same as cash oh. It is just an additional comfort


Trying activating a bank guarantee for a failed transaction and you will be amazed at the long unwinding court process involved.

ernieboy:
Nigeria will lose if truly the govt violated a signed valid contract, uk courts are not like Nigerian courts where the govt has overwhelming influence, but if on the other hand the grounds for violating the contract are legitimate, then Nigeria has a chance.

The govt says the contract is a fraud because there is no record of its deliberation at any FEC meeting and no mention of it in any budget that time. Besides the promoters have been convicted for fraud in the past.

9jatriot:
I trust Buhari for matters like this. P&ID non go see 1 naira not to talk of dollars. It is just the Malami guy I do not trust.

Zombie follower.. bank guarantee is a far worse than cash... cos such guarantee is going to be collaterized with Naija asset

Nice...


Setting up a soap business? Check my signature

Bluezy13:




Whiteman say naija dey owe $200M for the market wey him sell give naija.
Naija say dem no see the market so dem no go pay whiteman.
White man carry naija go court, court come say make naija budget the money keep for one corner first, in case naija dem lose the case, dem pay whiteman.

For now, court no know who dey lie.
Whether na Naija or abi na whiteman.

But mind you say na the accuser dey always get evidence pass the person wey dey innocent.

Where is Alfa Belgore & other corrupt individuals that benefited immensely from Nigeria but later sold the country out to fraudsters ? China punishment must be given to all of them.

deenee:



Bank guarantee is not the same as cash oh. It is just an additional comfort


Trying activating a bank guarantee for a failed transaction and you will be amazed at the long unwinding court process involved.

God bless you. Dont mind the children of hate who do not like hearing any goodnews about there fatherland.

I wonder how this people sleep at night with their heart full of hate.

Back to topic

This is a welcome development. I strong believe the Appeal will go on our favour as the contract was full of fraud.

God bless Buhari for upholding the Rule of Law

No matter how you hate this government, just pray we win this case woh.
Cause if we loose like some haters are hoping you truly understand what it means "the people are the government"
as the money no go commot from Buharis pocket na the citizens go surfer to pay am. this includes does working for government & into business. And the ripple effects go affect us more severely than the politicians