P&ID: British Court Orders Release of $200m Deposit To Nigeria

CBN Governor, Godwin Emefiele
P&ID: British Court Orders Release of $200m Deposit To Nigeria - Vantage News Nigeria
CBN Governor, Godwin Emefiele

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said that a commercial court in London has ordered the release of the $200 million used as deposit in the case against Process and Industrial Development (P&ID) to the Federal Government of Nigeria.

He noted that “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.”

Emefiele confirmed the development to Journalists on Tuesday, noting that the court rejected P&ID’s application to increase the guarantee, which he said was clearly intended to be a “diversionary tactic and entirely misconceived.”

Also, the CBN Governor noted that “this release which is accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the naira.”

Emefiele, admitted that the ruling is a further and significant victory for the country in its ongoing quest to overturn the $10 billion award procured though fraud and corruption by P&ID and previous government officials.

He accused P&ID and its backers, Lismore Capital and VR Advisory, of resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct ongoing investigations across multiple jurisdictions.

Emefiele stated that the  Federal Government will not rest until it secures justice, adding that thr truth will be revealed fully in the coming months.

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