x

P&ID: UK Court orders release of $200m deposit to Nigeria

A commercial court in London has ordered the release of the $200 million used as a deposit in the case against Process & Industrial Development (P&ID) to the Nigerian government.

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), confirmed the development to Journalists on Tuesday.

Mr Emefiele said the court also rejected P&ID’s application to increase the guarantee, which was clearly intended to be a diversionary tactic and entirely misconceived.

“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. We are also pleased that the court has rejected P&ID’s application to increase the guarantee, which was clearly intended to be a diversionary tactic and entirely misconceived,” Emefiele said.

“This release which is accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the naira.

“This is a further and significant victory for Nigeria in our ongoing fight to overturn the $10 billion award procured through fraud and corruption by P&ID and former government officials.

“P&ID and its backers, Lismore Capital and VR Advisory, are increasingly seeing their case slip between their fingers. They continue to resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct our investigations across multiple jurisdictions.

“The FRN will not rest until we 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.”

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Ibom Air’s Essienette Elected 1st Chairman of NIMN Uyo Chapter

By Ogenyi Ogenyi, Uyo Mrs. Aniekan Essienette, FNIMN, Group Manager,...

JUST IN: CDCFIB Shifts Recruitment Portal Opening to July 14

The Civil Defence, Correctional, Fire and Immigration Services Board...

JUST IN: Tinubu to Sign Four Landmark Tax Reform Bills Into Law Thursday

President Bola Tinubu will on Thursday, June 26, sign...

BREAKING: 11 PDP NWC Members Reject Anyanwu’s Return as National Secretary

Crisis within the Peoples Democratic Party (PDP) has deepened,...

NCoS, NAS PC Partner to Rehabilitate Inmates, Curb Crime in Bayelsa

By Amgbare Ekaunkumo, Yenagoa The Nigerian Correctional Service (NCoS), Bayelsa...

Supreme Court Dismisses Appeal in Ogwashi-Uku Royal Dispute

By Anne Azuka The Supreme Court of Nigeria, sitting in...

Delta Govt Applauds Asaba NUJ Chapel for Solar Power Project

By Anne Azuka The Delta State Government has commended the...

Top 3 Insurance Companies Driving Digital Innovation in Nigeria (2025)

For years, insurance in Nigeria was viewed with skepticism—often...
spot_img

Related Articles

Popular Categories

spot_imgspot_img