Nigeria pays N200m bond to UK court

The Nigerian government has provided a bond of $200 million to a court in the United Kingdom, as part of efforts to overturn the $9.2 billion judgement debt against it, in favour of an Irish firm, Process and Industrial Development (P&ID).

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, said this in a statement on Thursday.

He described the development as a positive step for Nigeria to set aside the judgement.

He said the decision to provide the bond emanated from the British court’s acceptance of a request from Nigeria for a variation of the September decision of the court.

The court had ordered Nigeria to pay $200 million to the court, while permitting the stay of execution of the judgement.

The statement also said the Nigerian government “does…

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