…How we overcame arduous battle, secured victory – AGF Fagbemi
The Federal Government of Nigeria has recovered the sum $200 million and another $10 million award it deposited as bond in a UK court in its defence of 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 while playing host to the Process and Industrial Development P&ID team led by Mr Kofo Abdulsalam -Alada, who is the National Coordinator, Legal and Investigation P&ID FRN, Shaistah Akhtar, Partner, Mischcon De Reya, Head of Litigation team, Nigeria and others.
Prince Lateef Fagbemi, SAN gave an assurance that the President Bola Tinubu’s administration would continue to safeguard the nation’s resources and uphold the principles of justice against any threats that tends to impose any form of colossal financial burden on the Nigerian people.
His disclosure was coming 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.
Recalled that federal government of Nigeria’s victorious case led to the quashing of P&ID $11bn award, a feat still regarded as one of the “greatest” litigation that ended in a landmark decisions in favour of Nigeria.
In its final verdict, the Business and Property Court in London ruled that the award 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.
Going down memory lane during the visit the AGF recalled that the P&ID case presented a complex, an 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.
While 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.
Fagbemi told the team , “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 AbdulSalam-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.
Earlier, in her remark Akthar, who was accompanied by Lydia Allaby, explained that the $10m paid was to Nigeria from the $20m awarded in favour of Nigeria after P&ID lost the case. She, however, added that the outstanding $10m is a subject of legal challenge by the firm.
Akhtar described the award as unprecedented at the English court. “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 added that the Nigerian case was among the only 14% of successful challenges against arbitral award cases.
Responding, Alada, who doubles as a retiring Acting Director of Legal Services at the Central Bank of Nigeria (CBN), equally praised the the minister adding: “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