The Federal Government of Nigeria has successfully recovered $210 million following its legal victory in the long-standing case against Process and Industrial Development (P&ID) Ltd in the United Kingdom.
According to Lateef Fagbemi (SAN), the Attorney General of the Federation (AGF) and Minister of Justice, the recovered funds include $200 million previously deposited by Nigeria as a bond and an additional $10 million awarded in the country’s favor by the court.
The funds had been placed as security during Nigeria’s defense in the high-profile arbitration case filed by P&ID over a failed gas supply and processing agreement.
The Minister applauded the efforts of the legal team responsible for the victory, especially that of Shaistah Akhtar, head of the UK-based legal delegation, and Kofo Salam-Alada, a former Director of Legal Services at the Ministry of Justice.
“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,” the AGF stated.
He equally wished Mr. Salam-Alada happy retirement from service.
Earlier, head of the delegation, Akthar, explained that $10million was paid to Nigeria from the $20million that was awarded in its favour after P&ID lost the case.
She disclosed that the outstanding $10million is a subject of legal challenge by the company, adding that the case involving Nigeria was among 14 percent of arbitrary awards that were successfully upturned.
