P&ID Contract: UK court orders release of $200m deposit to Nigeria
A commercial court in London has ordered the release of $200 million used as a deposit in the case against Process & Industrial Development (P&ID) to the Nigerian government. The Governor of the Central Bank, Godwin Emefiele who confirmed the development on Tuesday, said the ruling follows the establishment of prima facie fraud before the court. Commenting on the outcome, Emefiele said: “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…