How Nigerian government recovered $200m P&ID bond, $10m award – Lateef Fagbemi
The Federal Government has recovered $200 million and an additional $10 million award previously deposited as bond before a United Kingdom court in the high-profile legal dispute with Process and Industrial Developments (P&ID) Ltd over a failed gas contract.
Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, made the announcement on Thursday after receiving the legal team that represented Nigeria in the case.
He praised the team’s dedication, especially the efforts of Shaistah Akhtar and Kofo Salam-Alada, a former Director of Legal in the Justice Ministry, for their role in securing victory for Nigeria in the $11 million legal battle.
Fagbemi stated: “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 the dedication and uprightness of the FGN-P&ID coordinating team led by Kofo Salam-Alada who gave me the necessary support.”
He also extended well wishes to Salam-Alada on his retirement from service.
Speaking earlier, Akhtar noted that $10 million had been paid to Nigeria out of a total $20 million awarded in its favor after P&ID lost the case. She added that the remaining $10 million is currently being contested by the company in court.
The Nigeria-P&ID case was among only 14 percent of arbitration awards globally that have been successfully overturned.
