By Kolawole Ojebisi
Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has disclosed how the Nigerian legal team secured victory for the country in a protracted $11bn arbitration case against Process and Industrial Developments (P&ID).
Fagbemi described the development as “a defining moment in the nation’s fight against corruption and economic sabotage”.
Fagbemi who spoke in Abuja on Thursday during a courtesy visit by members of the P&ID Federal Republic of Nigeria coordinating team and their UK legal partners described the legal battle as “one of the greatest litigation victories in Nigeria’s history”, stressing that the landmark judgment spared Nigeria from a crippling financial burden.
“This case was complex and unprecedented, threatening to burden Nigeria with an $11 billion liability. But your ability to unravel its fraudulence and secure a favorable ruling is a testament to your expertise and resolve,” he told the UK legal team.
Highlighting the seriousness of the fraud, Fagbemi quoted Nigeria’s lead counsel, Mark Howard KC, who told the court that “P&ID was exactly the type of entity prepared to engage in bribery to achieve its aims—seeking riches beyond the dreams of avarice.”
The Attorney-General also seized the occasion to praise Kofo Salam-Alada, the retiring National Coordinator of Legal and Investigation for the P&ID FRN team.
Speaking on the legal victory, UK-based lawyer Shaistah Akhtar, partner at Mischon de Reya and Head of Nigeria’s litigation team, described the ruling as “unprecedented in English courts.”
“Such a result has never been achieved before, and it serves as a deterrent to others,” she said.
Fagbemi concluded that the victory sends a strong message globally.
“This judgment is a milestone in our fight against corruption. It vindicates the Nigerian government and should deter future attempts to swindle the nation.”
Recall that the UK High Court, in a ruling in October 2023, upheld Nigeria’s challenge to an $11 billion arbitration award granted in 2017 to P&ID, a British Virgin Islands-based shell company backed by a hedge fund.
P&ID had claimed damages after a purported gas processing deal with Nigeria’s Ministry of Petroleum Resources collapsed.
However, investigations later revealed that P&ID never secured land for the project site in Calabar, nor did it demonstrate any capacity to execute the project.
The Business and Property Court in London found that the company relied on bribery, false claims, and misuse of privileged documents to press its case.The court subsequently ruled that the award had been obtained through fraud and was contrary to public policy.
It also ordered P&ID to pay ÂŁ20 million in damages to Nigeria.
