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

In a bid to fight against corruption and economic sabotage, the Federal Government has recovered the sum of $200 million and $10 million award it deposited as bond in a UK court towards its defense of the $11 billion arbitral award to Process and Industrial Development (P&ID) Ltd

The Attorney General of the Federation and Minister of Justice Prince Abdulateef Fagbemi disclosed this during a visit by the team of lawyers who defended the country in UK led by Mr Kofo Abdulsalam-Alaga,
National Coordinator of the Federal Republic of Nigeria Legal & Investigation Team on the P&ID case

Speaking during the courtesy call, the National Coordinator, Abdulsalam-Alaga, said the unwavering support of President Tinubu’s administration was key to frustrating attempts by the fraudsters to force a settlement.

“The AGF and the President stood their ground that Nigeria would not be scammed. Despite immense pressure to settle out of court, Fagbemi remained resolute that Nigeria is not for sale to portfolio investors”.

“That firmness has not only preserved our resources but has set a precedent that such schemes will no longer find footing in Nigeria. They will pay back and have already started to pay. Every cent will be recovered.”

He said that apart from losing the fraudulent $11 billion claim against Nigeria, Process and Industrial Developments Limited (P&ID) had refunded the $200 million fraudulently received from Nigeria while it also paid $10 million as cost of litigation to the country, with the balance to be paid soon.

Responding, the Attorney-General described Abdulsalam-Alada as the “silent hero” of Nigeria’s triumph in the decade-long legal tussle who worked tirelessly behind the scenes without expectation of recognition.

“While many have praised my resilience in rejecting settlement with the fraudsters, the real strength came from the unwavering support of the FRN-P&ID Coordinating Team led by Kofo.His work laid the foundation for our case in court.”

Fagbemi also used the occasion to commend Nigeria’s legal team in the United Kingdom for their strategic brilliance and commitment to justice.

“This case was complex and unprecedented, threatening to burden Nigeria with an $11 billion liability. But your ability to unravel its fraudulent foundation and secure a favorable ruling is a testament to your expertise and resolve.”

He described the outcome as more than a legal victory as it was a message to the world that Nigeria would no longer be an easy target for fraud and exploitation.

“It will be recalled that the UK High Court, in a ruling in October 2023, upheld Nigeria’s challenge to an $11 billion arbitration award granted in 2017 to P&ID, a British Virgin Islands-based shell company backed by a hedge fund”.

Fagbemi, citing the judgment and the submissions of Nigeria’s lead counsel, Mark Howard KC, said the court agreed that “P&ID was the type of entity prepared to engage in bribery to achieve its aims seeking riches beyond the dreams of avarice.”

“The successful defense was made possible by a coordinated response involving key agencies, including the Ministry of Justice, EFCC, Nigeria Police, CBN, Ministry of Petroleum Resources, NNPCL, DSS, and NFIU, the AGF added”.

Garry Ochigbo, Edited By Grace Namiji