P&ID Case: UK Court Orders Release Of $200m Deposit To Nigeria

Court
Court

A Commercial court in the United Kingdom has ordered the release of the $200million guarantee Nigeria placed as security for the stay of execution of Messrs. Process and Industrial Development Limited (P&ID’s) claims.

This was confirmed by the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele in a  statement on Tuesday.

Also Read: CBN Freezes Accounts Of Baba Ijebu, 37 Other Companies Over Forex Infractions

Emefiele also expressed pleasure the Court rejected the P&ID’s application to increase the guarantee, which he noted was clearly intended to be a diversionary tactic and entirely misconceived.

CBN also stated that the release of the $200 million security deposit has swollen the country’s foreign reserve.

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