A United Kingdom Commercial Court on Tuesday ordered the release of the $200m guarantee put in place as security in respect of the execution of the much-discredited Process and Industrial Development $10bn arbitral claim.
The Central Bank of Nigeria revealed this today via its official Twitter handle, @cenbank.
The apex bank also said the court awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.
It wrote, “Nigeria’s foreign exchange reserves was this morning boosted by over $200 million when the London Commercial Court ordered the release of the $200 million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 billion arbitral claim.
“The court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.”
DGN had earlier reported that a UK court also ordered the P&ID to pay £1.5m to Nigeria within 21 days.