P&ID: FG Recovers $200 Million Bond, $10 Million Award

The Federal Government has recovered $200 million and another $10 million award it deposited as a bond in a United Kingdom (UK) court to defend the $11 billion arbitral award to Process and Industrial Development (P&ID) Ltd.

The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), disclosed this on Thursday, during a visit by a team of lawyers who defended the country in the UK to the Ministry led by Shaistah Akhtar.

Naija News reports that Fagbemi commended the efforts of Akhtar and a former Director of Legal in the ministry, Kofo Salam-Alada, in the legal victory and recovery of funds to the federal government.

“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,” he said.

This comes years after a court in London 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.

Fagbemi stated that the P&ID case presented a complex, unprecedented challenge and arduous battle, which, according to him, demanded meticulous preparation, astute legal argumentation, and an unwavering commitment before the truth could be uncovered.

Lauding the teams, he noted that they rose to the 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.

“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.

“Kofo Salam-Alada is a definition of a silent hero. He is one who works tirelessly behind the scene, without expectation of applause or recognition. He quietly lays the groundwork for the work that some of us are seen to be doing.

“So, it is personally disheartening for me to bid Kofo farewell from the public service career, but I have taken solace in the fact that a golden fish has no hiding place and it therefore certain that the country will continue to beckon on him for the benefit of all Nigerians.

“But beyond his professional accomplishments, it is his humanity, his humility, and his dedication to service that will be remembered most.

“He leaves behind not just a legacy of legal excellence, but a culture of diligence, ethical leadership, and quiet strength.

“To our esteemed visitors from the United Kingdom. Your dedication, strategic prowess, and tireless efforts have secured a landmark victory for our nation, safeguarding its resources and upholding the principles of justice. The P&ID case presented an unprecedented challenge, threatening to impose a colossal financial burden on the Nigerian people,” he stated.

Speaking earlier, Akthar, who was accompanied by Lydia Allaby, described the award as unprecedented at the English court.

She explained further that the $10 million paid was to Nigeria from the $20 million awarded in favour of Nigeria after P&ID lost the case. She, however, added that the outstanding $10 million is the subject of legal challenge by the firm.

“It was a great victory for Nigeria. Such result has never been achieved before, and now it has served as a deterrent to others.

“Nigerian case was among the only 14% of successful challenges against arbitral award cases,” She said.