The Nigerian Government has succeeded in securing variation of the UK court order from cash payment of $200m security to issuing bank guarantee of the same amount.
The Attorney General of the Federation and Minister of Justice, Abubakar Malami made this known in a statement issued by the Media and Public Relation officer, Umar Gwandu.
According to Malami, the application for variation of the order was granted following an appeal made against the payment of $200mn security component which was a condition for stay of execution of the judgment.
Malami further said the advantage of the variation in the judgment from direct deposition of cash to posting of bank guarantee is that the money and its control resides in the Federal Government.
Malami reiterated that the federal government s’ commitment to vigorously pursue the case seeking to set aside the award of $9.6bn and get the entire contract quashed.
