The Governor of the Central Bank, Godwin Emefiele who confirmed the development on Tuesday, said the ruling follows the establishment of prima facie fraud before the court.
Commenting on the outcome, Emefiele said: “due to the substantial evidence of prima facie fraud established before the court, we are pleased that the judge has agreed to release the guarantee. We are also pleased that the Court has rejected P&ID’s application to increase the guarantee, which was clearly intended to be a diversionary tactic and entirely misconceived.
“This release which is an accretion into the reserves will further enhance the nation’s management of the exchange rate of its domestic currency, the Naira while ensuring monetary and price stability.
“P&ID and its backers, Lismore Capital and VR Advisory, are increasingly seeing their case slip between their fingers. They continue to resort to employing delay tactics, disseminating misleading claims, and taking every step to obstruct our investigations across multiple jurisdictions.
The FRN will not rest until we secure justice for the people of Nigeria – no matter how long it takes.
Investigations are ongoing, and we are confident that more of the truth will be revealed over the coming months.”
The court also rejected P&ID’s application to increase the guarantee.