The UK Commercial Court has ruled that Nigeria can appeal the enforcement of the judgement granting Process and Industrial Development Limited (P&ID) the right to seize the nation’s assets worth $9.6 billion.

The court gave the order on Thursday, September 26, 2019.

The court also approved the Nigerian government's application for a stay of execution; which will prevent P&ID from seizing the assets while the case is heard on appeal.

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

Nigeria's Attorney General Abubakar Malami considers the ruling a significant step, while confirming that Nigeria will definitely appeal.

In 2010, Nigeria agreed a $9.6billion gas deal with a dodgy and questionable P&ID, a British Virgin Islands-based engineering firm. 

Under the terms of the contract, the company was supposed to build and operate a plant to refine natural gas into "lean gas" in Calabar, the Cross River State capital. 

The contract also stated that the government would install the necessary pipelines and infrastructure and receive the lean gas free of charge to power Nigeria’s fragile national grid, the company said. 

P&ID would then sell the by-products of propane, ethane and butane on the international market.

For some reason, the contract was never executed. In 2012, P&ID dragged Nigeria to court, alleging breach of contract. 

In August of 2019, P&ID won its case against Nigeria.

Initially awarded for $6.6 billion, the contract sum would rise to $9.6 billion due to accrued interest since 2013. 

Pulse had reported this week that a federal government delegation comprising Attorney General, Abubakar Malami Central Bank Governor Godwin Emefiele and Inspector General of Police Mohammed Adamu was on its way to the UK to persuade a British court to set aside an order permitting P&ID to seize $9.6 billion worth of assets from Nigeria.

For context, $9.6 billion is one-third of Nigeria's 2020 budget. Bloomberg estimates that the amount is enough to fund Nigeria’s broken school system for seven years.

Addressing the United Nations General Assembly (UNGA) in New York this week, President Muhammadu Buhari called P&ID a fraudulent company hell bent on scamming Nigeria.

“We are giving notice to international criminal groups by the vigorous prosecution of the P&ID scam attempting to cheat Nigeria of billions of dollars,” Buhari said.