Nigeria has succeeded in securing the variation of the UK court order from cash payment of $200 million security to issuing bank guarantee of the same amount in respect of the P&ID scam.
Abubakar Malami, the Attorney-General of the Federation and Minister of Justice, made this known in a statement by Dr. Umar Gwandu, the Special Assistant on Media and Public Relations in the Office of the Minister, in Abuja on Thursday.
The minister said the Federal Government appealed against the payment of $200 million security component, which was a condition for stay of execution of the judgment.
The statement said: “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.”
Malami said the success recorded so far in relation to the $200 million 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.”
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