At the end of last week, the Nigerian government posted a bank guarantee of 200 million
dollars to a London court, seeking a stay of seizures of assets of up to 9.6
billions of dollars. This, in accordance with the judgment that settled the dispute between him and the company
British Energy P&ID.
According to the verdict rendered on August 16 by a London commercial court, the company P&ID will be able to seize
international assets owned by Nigeria worth $9.6 billion as
damages, for breaches of contract in a gas agreement. That's about 2.5% of the
gross domestic product (GDP) of the West African country.
It should be recalled that in September, Abuja appealed. The procedure is still ongoing.
In late September, Nigeria's Attorney General Abubakar Malami said that all possible efforts
will be provided to protect the economy from a fine.