Emefiele: Nigeria to file for stay of execution, set to appeal $9bn London Judgment


Nigeria will file for a stay of execution of a London judgment which will make the country lose $9billion of her foreign reserves. This assertion was made by the Governor,Central Bank of Nigeria(CBN) Mr Godwin Emefiele on Monday in Abuja.

The CBN Governor spoke on the sidelines of the two-day retreat by the Presidency for ministers-designate.

Speaking with the State House Press Corps, Emefiele said, “I am not scared at all (about the Judgment) and I think it is also important that this question has come up. “

He added, “Since the news about the judgment broke out late on Friday, we have been discussing with our counsels, and they have advised that there are sufficient and strong grounds on the basis of which we could file a stay of execution and also an appeal against that judgment.

According to the CBN Governor, “There are certain anomalies in the process leading to the award of that contract which is currently being looked into by the EFCC and I believe that the EFCC themselves have their own investigation reports about that.

“So, we will follow through and aggressively too on ensuring that the execution of that judgment is stayed and that the appeal succeeds at every level both within Nigeria and abroad.

He added, “it is important for me to use this opportunity to assure our friends, local and foreign investors who called to express solidarity with us, not to express concern but to say that there is no need for anybody to worry.

 “We know that the implication of that judgment has some impact on monetary policy and that is why the CBN is going to step forward and very strongly too to ensure that we defend the country and defend the reserves of the Federal Republic of Nigeria,” Emefiele said.

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