P&ID: Emefiele hails London court ruling as Nigeria’s foreign reserve grows by $200m

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, expressed satisfaction on Tuesday as Nigeria’s Foreign Reserves received a $200 million boost following the order of the London Commercial court, instructing the release of the $200m guarantee put in place as security for the stay of execution granted Nigeria for the appeal filed against the judgment of Justice Butcher for the execution of the Arbitral award of $10b 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.

Reacting to the judgement, Emefiele said: “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.”

Tuesday’s order is seen as a 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.

A government source said: “The Nigerian Government is determined to secure justice for the people of Nigeria – no matter how long it takes. Investigations are ongoing, and we are confident that more of the truth will be revealed over the coming months.”

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