The Nigerian government has placed a bank guarantee of US $200 million with a high court in London to secure a stay on asset seizures of up to US$9 billion. The case is related to a failed gas project.
A firm based in the British Virgin Islands- Process & Industrial Developments- set up solely to build a gas processing plant in Nigeria. After getting into litigation against the Nigerian Government for not fulfilling the contractual obligations, the company approached a London Court for execution of arbitration award of US$ 9 billion including interest payments since 2013. Nigeria in September successfully sought the right to appeal an August ruling that would have converted the arbitration award to a judgment. Nigeria refuses to make any kind of payment to P&ID since its argument is that the company has not performed its contract and the work has been folded up before implementation
