AGF Fagbemi: Fed Govt will retrieve P&ID case prosecution cost from Irish firm
Efforts to recover the cost of prosecuting the case between Nigeria and an Irish firm – Process and Industrial Development (P&ID) Ltd – are ongoing, Attorney-General of the Federation (AGF) Lateef Fagbemi (SAN) and Minister of Justice said yesterday.
Fagbemi said it was the entitlement of Nigeria having successfully prosecuted and won the case in a United Kingdom (UK) court.
According to the AGF, errant disclosed that the country has recovered $210 million in award and deposited bond in a UK court towards its defence of the $11 billion arbitral award got against Nigeria by P&ID.
He spoke in Abuja while hosting in his office, a team of lawyers who defended the country in the UK court, led by Ms. Shaistah Akhtar.
Fagbemi hailed the efforts of the lawyers and a former Director of Legal Services at the Central Bank of Nigeria (CBN) Kofo Abdulsalam-Alada in the victory recorded by the country in the case.
He said: “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.
“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.”
Ms. Akthar, who was accompanied by Ms. Lydia Allaby, explained that the $10 million paid was to Nigeria from the $20 million awarded in favour of the country after P&ID lost the case.
She added that the outstanding $10 million is a subject of a pending legal challenge by P&ID.
Ms. Akthar noted that the case was among a few of such successful challenges against arbitral award cases.
Abdulsalam-Alada, who retired from the CBN yesterday, acted as the National Coordinator of the government’s legal and investigation team in the case.
He hailed President Bola Tinubu and Fagbemi for refusing to negotiate with those behind the P&ID matter.
Abdulsalam-Alada said 24 hours before the judgment, delivered on October 23, 2023, pressure was still on the AGF and the President to settle out of court.
“Fagbemi and the President rejected the pressure. This has put an end to similar fraudulent transactions that seek to take Nigeria for a ride,” Abdulsalam-Alada said.
