The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, said Nigeria would no longer be exploited by any foreign companies following the country’s recent victory at the United Kingdom Arbitration over Process and Industrial Development (P&ID) Limited.
Speaking during a courtesy visit by the team led by Mr Kofo Abdulsalam-Alada, the National Coordinator, Legal and Investigation P&ID FRN, Shaistah Akhtar, Partner, Mischcon De Reya, Head of Litigation team, Nigeria, and others, Fagbemi hinted that Nigeria’s success story is not merely a legal triumph, but a powerful message to the world that the country will not be exploited and that justice will prevail.
He described the whole process as a complex and arduous battle that required meticulous preparation, astute legal argumentation, and an unwavering commitment to uncover the truth. Fagbemi dedicated the victory to the country’s FGN-P&ID coordinating team, which was led by Kofo Salam-Alada, who gave me the necessary support.
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“The FGN-P&ID Team Coordinator and other stakeholders built the FRN’s case, which you, as counsel, were able to present before the court. Your dedication, strategic prowess, and tireless efforts have secured a landmark victory for our nation, safeguarding its resources and upholding the principles of justice,” he said.
He disclosed that Nigeria has recovered the sum of $200 million it deposited to the tribunal in its appeal against a $11 billion arbitral award in favour of P&ID Ltd. Besides, the country has also received another sum of $10 million as part of the $20 million cost award against P&ID.
Fielding questions from newsmen on Thursday, Shaistah Akhtar confirmed that the outstanding $10m was the subject of the legal challenge by the firm.
In 2023, a London court overturned an $11 billion award against Nigeria in the P&ID case concerning a 2010 gas processing plant agreement.
The court ruled that the award was obtained through fraud and was against public policy, freeing Nigeria from the debt. It also ordered P&ID to pay Nigeria £20 million in damages.
