Nigeria pays USD 200 million to avoid asset seizure in P&ID arbitration case

摘要

Nigeria's government has failed in its bid to overturn a UK court ruling, requiring Abuja to pay a USD 200 million security to ensure a stay of execution over the seizure of assets in the USD 9.6 billion arbitration case involving an aborted gas project and engineering outfit Process and Industrial Developments (P&ID). Nigeria has provided the bank guarantee, with the funds to be paid to P&ID should Abuja's arbitration appeal fail.