Nigeria has succeeded in securing variation of the UK court order from cash payment of $200m security to issuing bank guarantee of the same amount in respect of the P&ID scam.
Attorney-General of the Federation and Minister of Justice, Abubakar Malami, made this known in a statement issued by Dr. Umar Gwandu, the Special Assistant on Media and Public Relations of the Office of the Minister in Abuja on Thursday.
The minister said the Federal Government appealed against the payment of $200m security component which was a condition for stay of execution of the judgment.
“The court granted the Federal Government’s request for variation of
terms of the order seeking to provide bank guarantee in place of direct deposit.
“Our application for variation of the order was allowed and we are, as a result, not making cash deposit but posting a bank guarantee.
“We remain in control of our funds by the act of acceptance of the guarantee.
“The advantage of the variation in the judgment from direct deposit of cash to posting of bank guarantee is that the money and its control resides in the Federal Government as against if it were otherwise”.
He said the success recorded so far in relation to the $200m security
deposit is that it remained in our custody, and we are simply providing a document.
“It is only when our case does not succeed, which we do not anticipate, that the court can order the withdrawal of the amount as stated in the bank guarantee.”