Process and Industrial Development (P&ID) Limited says the Nigerian government will not be able to file an appeal in respect of the $9.6 billion arbitral award until it pays it a $250,000 cost awarded by a United Kingdom court within two weeks.

Justice Christopher Butcher of the Commercial Court in London had on Thursday granted Nigeria’s request for stay of execution of  the $9.6 billion arbitral award pending the Federal Government’s appeal.

In granting the stay conditionally, Justice Butcher ordered the Nigerian government to make a $200 million security payment into its account within 60 days.

However, P&ID, in a statement issued at the end of Thursday’s proceedings said the running cost which the Nigerian government must pay to it within 14 days before it could file the appeal amounted to $250,000.

The firm said the ruling by the British court was not a permission to the Federal Government of Nigeria to appeal against the arbitral award but to appeal against its enforcement in the form of seizure of its assets.

The statement  read in part: “For background, today’s judgment granted the Nigerian government leave to appeal the UK court’s decision that it could be subject to asset seizures to enforce the arbitration award in favour of P&ID.

“It does not allow the government to appeal the award itself. As you’ll be aware, the High Court in the UK heard arguments in the case today, with the Nigerian government seeking a stay of asset seizures and leave to appeal the asset seizure decision.

“The court has ruled the government may appeal, if it meets the conditions that $250,000 must be paid to P&ID in costs within 14 days and $200 million in security paid to the court within 60 days.”