"The project is currently being re-profiled following the review and payments will recommence as normal upon completion of that process", the spokesman added.
The European Commission eased the original ban on 1 August 1999 to allow exports of boneless British beef products from animals aged between six and 30 months to recommence.
The company has not yet been able to make a full assessment of the damage but believes it is unlikely that production would recommence at Chokchai for the remainder of the current quarter.
It is hoped that, with toxic debts off their balance sheets, the Nigerian bank will be able to attract new investors in the private market, and will be better placed to recommence fresh lending to support the economy.