₦airaland Forum

Attorney-General of the Federation and Minister of Justice (AGF), Lateef Fagbemi SAN has disclosed that the Federal government has recovered the sum $200 million and another $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.
Fagbemi, who commended President Bola Tinubu and the legal team for achieving this feat made the disclosure during a visit by a team of lawyers who defended the country in the UK to the Ministry led by Shaistah Akhtar.

The minister equally commended the efforts of Akhtar and a former Director of Legal in the ministry, Kofo Salam-Alada, in the legal victory and recovery of funds to the Federal Government.

“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 dedicated and uprightness of the FGN-P&ID coordinating team which was led by Kofo Salam-Alada who gave me the necessary support.”

Fagbemi also wished Salam-Alada happy retirement from the service, saying So, 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 therefore certain that the country will continue to beckon on him for the benefit of all Nigerians.

Speaking earlier, Akthar, who was accompanied by Lydia Allaby, explained that the $10m paid was to Nigeria from the $20m awarded in favour of Nigeria after P&ID lost the case. She, however, added that the outstanding $10m is a subject of legal challenge by the firm.

She noted that the Nigerian case was among the only 14% of successful challenges against arbitral award cases.

A Court of Appeal in the United Kingdom has dismissed the appeal of Process & Industrial Development, P&ID, on a previous judgment halting the enforcement of its $11 billion award against Nigeria.

In a unanimous decision, Lord Justice Snowden, the lead judge, permitted P&ID to appeal the judgment but dismissed the appeal.
The two other judges are Lord Justice Fraser and Julian Flaux.

P&ID had entered into a deal in 2010 to build a gas processing plant in Calabar, Cross River State but the company said the agreement collapsed because the Nigerian government did not fulfil its end of the bargain.

The Nigerian government alleged that the gas deal was a scam conceived to defraud the country.
But P&ID denied the allegation and accused the Nigerian government of “false allegations and wild conspiracy theories”.

Consequently, P&ID took legal recourse and secured an arbitral award against the country.
On January 31, 2017, a tribunal ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre and post-judgment interest at seven per cent, which later amounted to $11 billion.

In October 2023, Robin Knowles, justice of the commercial courts of England and Wales, halted the enforcement of the award by upholding Nigeria’s prayer that it was obtained by fraud and in violation of section 68 of the English Arbitration Act 1996.

The judge found that P&ID paid bribes to Nigerian officials involved in the drafting of the gas supply and processing agreement, GSPA, in 2010.

Jubrilv:
Follow who know road......Asiwaju know the road

inoki247:
Lol na Indian be dere Defense attorney so no Nigeria Lawyer fit stand for the country for UK....



Still go abroad go dey buy foreign....

TimeManager:
Congratulations, Agba lawyer. Nigeria shall overcome all her enemies within.


-Kiss the truth!

TimeManager:
https://thesun.ng/pid-fg-recovers-200m-bond-10m-award/

DeLaRue:
Excellent.

Put the right people in the right positions, they say this person is Yoruba, that one is Yoruba too.

If someone is Yoruba and is doing a great job for the country, how does it matter.

The Attorney General did a great job with local government autonomy. Now, today's great news.

Would it be better to put someone in that position just to satisfy ethnic balance? We saw how some of the previous Attorney Generals compromised the interest of the country.

All Presidents must be given the free hand to fill the most important positions in their governments based on merit, not tribal origin. Other positions can be spread around for ethnic balance.

In any case, the Attorney General is from the North.

Sheuns:
I never realized people from the north now bear Fagbemi.

BigDawsNet:
If we keep repaying our nation heavy debts so far! Why is the exchange rates not coming down?

creativejagaban:
Obi was waiting for Nigeria to lose the case so he can go to Twitter to announce as usual:

'I have been reliably informed that Nigeria is owing p&id...bla bla'...

And his headless mob would have been ecstatic about it and be jubilating from one Twitter to tictok.


But we thank God say na Nigeria win.

We thank God say na Tinubu win.

We thank God say the real lovers of Nigeria win


The funny thing is, after 2031 when the power will shift to the north, and in 2039, when it comes back to the south , the headless mob will then want to lobby the south to support them to have a taste of power.....but na south south we go support 😄😞😄😞😄

creativejagaban:
I never realized people from the south south (river state) now bear rotimi amaechi


I never realized people from the south east now bear kaduna (nzeogu) ....the coup plotter


Very dump.


Since the news is a positive one....he cannot rejoice but to look out for something negative to lick on

creativejagaban:
I never realized people from the south south (river state) now bear rotimi amaechi


I never realized people from the south east now bear kaduna (nzeogu) ....the coup plotter


Very dump.


Since the news is a positive one....he cannot rejoice but to look out for something negative to lick on