In a resounding affirmation of Nigeria’s commitment to justice and accountability, the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, has declared that the country’s success in the UK arbitration case against Process and Industrial Development (P&ID) Limited signals a turning point—ensuring the nation will no longer be subject to exploitation on the international stage.
Speaking during a courtesy visit by the legal team that represented Nigeria in the case, Fagbemi dedicated the victory to the group’s tireless efforts. The delegation included Mr. Kofo Abdulsalam-Alada, National Coordinator for Legal and Investigation (P&ID FRN), and Shaistah Akhtar, Head of Litigation at Mishcon de Reya, among 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,” Fagbemi stated.
He went on to describe the high-stakes case as one of the most serious legal threats Nigeria has faced in recent history.
“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.”
Fagbemi praised the unwavering integrity of the legal team, saying their dedication gave him the confidence to reject any settlement proposals.
“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 added.
He highlighted that the outcome was not only a personal triumph for those involved but also a contribution to Nigeria’s broader legal and national interest.
“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 further stated:
“On behalf of the Federal Republic of Nigeria, and all Nigerians, 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.”
In addition to the nullification of the original $11 billion arbitration award, THISDAY has confirmed that Nigeria has successfully recovered the $200 million it previously deposited as part of its appeal. The nation has also secured a $10 million payout from a £20 million cost award against P&ID, while the remaining $10 million is under legal challenge.
Providing further insights, Shaistah Akhtar remarked:
“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 noted that Nigeria’s case is part of only 14% of challenges that successfully overturn arbitral awards.
Alada, who is retiring as Director of Legal Services at the Central Bank of Nigeria, commended both the AGF and the President for resisting pressure to settle.
“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 stated.
A London court had in 2023 annulled the $11 billion arbitration award against Nigeria, which stemmed from a disputed 2010 gas processing agreement. The court ruled that the award had been secured through fraud and contravened public policy, thereby nullifying Nigeria’s financial liability. The judgment also ordered P&ID to pay Nigeria £20 million in damages and compensation.
