Breaking: UK hands down crucial judgement on $9.6bn P&ID contract

The Commercial and Arbitration Court on Thursday ordered a stay of execution of the $9.6 billion damages awarded against Nigeria by Process and Industrial Developments (P&ID) pending the determination of an appeal by the Federal Government.

This is as the court asked the government to make a security payment of $200 million to the court, while also granting Nigeria’s leave to file an appeal against the award.

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