The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, has said Nigeria’s victory at the United Kingdom Arbitration, over Process and Industrial Development (P&ID) Limited, demonstrated that the nation would never again be exploited.
Dedicating the victory to the country’s legal team, Fagbemi spoke during a courtesy visit by the team led by Mr Kofo Abdulsalam-Alada, the National Coordinator, Legal and Investigation P&ID FRN, Shaistah Akhtar, Partner, Mischcon De Reya, Head of Litigation team, Nigeria and others.
“This victory is not merely a legal triumph; it is a powerful message to the world that Nigeria will not be exploited and that justice will prevail.
“The P&ID case presented an unprecedented challenge, threatening to impose a colossal financial burden on the Nigerian people.
“It was a complex and arduous battle, demanding meticulous preparation, astute legal argumentation, and an unwavering commitment to uncovering the truth.
“The whole country has celebrated our success in the Process & Industrial Developments Ltd (P&ID) case and applauded my resilience and determination not to negotiate or settle with the fraudsters.
“But many do not know that my strength was derived from dedicated and uprightness of the FGN-P&ID coordinating team which was led by Kofo Salam-Alada, who gave me the necessary support.
“The FGN-P&ID Team Coordinator and other stakeholders built the FRN’s case which you as counsel were able to present before the court,” he said.
While stating that their reward lay in the knowledge that they had made a difference, the AGF pointed out that their efforts had also contributed to something greater than themselves.
“Your dedication, strategic prowess, and tireless efforts have secured a landmark victory for our nation, safeguarding its resources and upholding the principles of justice.
“Your teams rose to this momentous occasion, demonstrating not only legal brilliance but also a deep understanding of the intricate nuances involved.
“Your ability to navigate the complexities of international arbitration, expose the fraudulent underpinnings of the initial award, and ultimately secure a favorable judgment, is a testament to your outstanding expertise and unwavering resolve,” Fagbemi said.
Thus, On behalf of the Federal Republic of Nigeria, and all Nigerians, he said, “We commend your exceptional hardwork and express our sincere gratitude for your invaluable contribution.
“Your success has reinforced confidence in our legal system and protected our national interests. Thank you for your service, your professionalism, and your part in this historic achievement,” he added.
Meanwhile, Nigeria has recovered the sum of $200 million it deposited to the tribunal in her appeal against a whopping $11 billion arbitral award in favour of P&ID Ltd.
Besides, the country has also received another sum of $10 million award as part of the $20 million cost award against P&ID.
Shaistah Akhtar, who made the disclosure while answering questions from journalists, explained that the outstanding $10m was a subject of legal challenge by the firm.
She noted that the Nigerian case was among the only 14% of successful challenges against arbitral award cases.
“It was a great victory for Nigeria. Such result has never been achieved before, and now it has served as a deterrent to others,” she said.
Alada, who doubles as a retiring Director of Legal Services at the Central Bank of Nigeria (CBN), equally praised the minister.
“When the judgment pressure was on AGF to settle the matter, he insisted Nigeria is not for sale to fraudulent scammers who are out to swindle the country.
“AGF and President Tinubu said no way. They stood their ground, and I tell you such will never happen to us again,” he added.
A London court had in 2023, quashed the $11 billion award against Nigeria in the controversial P&ID case bordering on a purported gas processing plant agreement with the Nigerian government in 2010.
The court squashed the award in favour of the company on the grounds that it was obtained through fraud and was contrary to public policy, effectively negating Nigeria’s obligation to pay the debt.
The court thereafter ordered P&ID to pay Nigeria £20 million in damages and compensation.
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