The Federal Government has successfully reclaimed $200 million and an additional $10 million in connection with the legal dispute involving Process and Industrial Developments Ltd (P&ID), according to the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN.
Fagbemi revealed the recovery during a meeting with the legal team that represented Nigeria in the high-profile case at his office. The $200 million had been deposited as a bond in a UK court while Nigeria defended itself against P&ID’s claims stemming from a failed gas deal.
He praised the efforts of the legal team, particularly Shaistah Akhtar, who led the delegation, and Kofo Salam-Alada, a former Director of Legal in the Ministry of Justice, for their pivotal roles in securing victory in the $11 billion dispute.
“The nation has celebrated our success in the P&ID case and commended my refusal to negotiate with fraudsters. However, much of that strength came from the unwavering support of our coordinating team led by Kofo Salam-Alada,” Fagbemi said, while also extending best wishes to Salam-Alada on his retirement.
Akhtar, in her remarks, noted that $10 million has already been recovered from the $20 million awarded to Nigeria after winning the case, with the remaining $10 million currently being contested by P&ID.
She further highlighted that Nigeria’s case is part of a rare 14 percent of arbitration awards that are successfully overturned, emphasizing the significance of the victory.
