P&ID v. FRN: Court orders release of $200 million deposit to Nigeria

A commercial court in London has ordered the release of $200 million used as a deposit in the case against Process & Industrial Development (P&ID) to the Nigerian government.

The Governor of the Central Bank, Godwin Emefiele who confirmed the development on Tuesday, said the ruling follows the establishment of prima facie fraud before the court.

The court also rejected P&ID’s application to increase the guarantee.

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