British court rules Nigeria can appeal $9.6 billion seizure

DAKAR, Senegal – The U.K. Commercial Court has given Nigeria’s government permission to appeal a ruling that would allow a private company to seize more than $9.6 billion in the country’s assets.

The court on Thursday also approved the Nigerian government’s application for a stay of execution, preventing the company Process & Industrial Development Ltd. from seizing the assets while the case is heard on appeal.

The court ordered Nigeria to pay $200 million as security to maintain the stay of execution.

In August, the British Virgin Islands-based P&ID secured the judgment against Nigeria after alleging breach of contract over the construction and operation of a plant to refine natural gas in the southeastern port city of Calabar.

Nigeria’s attorney general calls Thursday’s ruling an important step and confirms they will appeal.