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P&ID: Again, British court orders release of $200m guarantee to Nigeria

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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.

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