The Federal Government of Nigeria has successfully recovered $200 million and an additional $10 million award it deposited as bond in a UK court towards 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 during a visit by a team of lawyers who defended the country in the UK, led by Shaistah Akhtar.
Fagbemi commended Akhtar and former Director of Legal in the ministry, Kofo Salam-Alada, for their efforts in the legal victory and recovery of funds. He expressed gratitude for their dedication, saying:
“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 dedicated and uprightness of the FGN-P&ID coordinating team, which was led by Kofo Salam-Alada, who gave me the necessary support, ” he said.
Fagbemi also wished Salam-Alada happy retirement, acknowledging his invaluable contributions in the service.
“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 is therefore certain that the country will continue to beckon on him for the benefit of all Nigerians, ” stated .
Shaistah Akhtar explained that the $10 million paid to Nigeria was part of the $20 million awarded in favour of Nigeria after P&ID lost the case.
She, however noted that the outstanding $10 million was subject to a legal challenge by the firm.
She highlighted the significance of the Nigerian case, saying, the Nigerian case was among the only 14 per cey of successful challenges against arbitral award cases.”
This victory marks a significant milestone for the Federal Government, with potential future implications for contract award processes.
Akhtar urged the government to exercise caution in future contracts to avoid similar pitfalls.
