The Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN) has said the Federal Government was working to recover the cost of prosecuting the case between it and an Irish firm, Process and Industrial Development (P&ID) Ltd in the United Kingdom court from the company.
Fagbemi said it was the entitlement of the Nigerian government having successfully prosecuted the case and won in the UK court.
The AGF disclosed that the country has recovered $210million 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 on Thursday evening while recieving, in his office, a team of lawyers who defended the country in the UK court, led by Ms.Shaistah Akhtar.
Fagbemi bailed the efforts of the UK 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 added: “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,” Fagbemi said.
Ms. Akthar, who was accompanied by Ms. Lydia Allaby, further explained that the $10m paid was to Nigeria from the $20m awarded in favour of the country after P&ID lost the case.
She added that the outstanding $10m is a subject of a pending legal challenge by P&ID.
Ms. Akthar noted that the Nigerian case was among a few of such successful challenges against arbitral award cases.
Abdulsalam-Alada, who retired from the CBN on Thursday, acted as the National Coordinator of the Fed Govt’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.
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.
