In the last one month, the federal government has firmly held its position that the judgment of the UK court should not be a cause for worry as it will challenge the judgment.
Government then declared readiness to renegotiate the arbitration award with the company.
Come Thursday the 26th of September, a UK court will rule on Nigeria’s efforts to fight an arbitration award that threatens about nine point six billion dollars worth of Nigeria’s international assets.
And the federal government is making efforts to ensure that this does not happen.
Thus a delegation which includes the minister of information, the attorney general of the federation and the governor of the central bank of Nigeria are in London in continuation of negotiations.
The hope is that the recent conviction of some representatives of the P and ID Nigeria, will be enough to fault the contract signed in 2010.
Last week, the world saw the conviction of representatives of the P&ID for their role in the contract that has been described as a fraud.
Federal government’s delegation right now in London is hopeful that the conviction by a Nigerian court is sufficient to positively influence the arbitration order.
Attorney General of the federation says beyond the P&ID controversy, government intends to seek legislative remedies to some of the issues it is confronting
The real and pressing challenge facing government is how to stop the enforcement of the $9.6bn award which may entail seizure of the country’s offshore assets. That is the crux of the matter.