From Godwin Tsa, Abuja
The Federal Government of Nigeria has reclaimed $200 million deposited as a bond in a UK court and $10 million from a $20 million award in its successful defence against an $11 billion arbitral award to Process & Industrial Developments Ltd (P&ID).
Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), announced the recovery during a visit by the legal team, led by Shaistah Akhtar, to the Ministry of Justice.
Fagbemi praised President Bola Tinubu and the legal team, particularly Akhtar and former Director of Legal, Kofo Salam-Alada, stating, “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 the dedication and uprightness of the FGN-P&ID coordinating team, which was led by Kofo Salam-Alada who gave me the necessary support.” He also wished Salam-Alada a happy retirement, noting her continued value to Nigeria.
Akhtar, accompanied by Lydia Allaby, clarified that $10 million of the $20 million awarded to Nigeria has been paid, with the remaining $10 million under legal challenge by P&ID. She highlighted that Nigeria’s case is among the 14% of successful challenges to arbitral awards.
In 2023, Justice Robin Knowles halted P&ID’s $11 billion award, citing fraud and violations of the English Arbitration Act 1996, as P&ID bribed Nigerian officials for the 2010 gas supply and processing agreement (GSPA).
A UK Court of Appeal, led by Lord Justice Snowden, dismissed P&ID’s appeal, upholding Nigeria’s victory. P&ID’s 2010 deal to build a gas plant in Calabar collapsed, with Nigeria alleging fraud and P&ID claiming “false allegations and wild conspiracy theories.” The $6.6 billion award from 2017, plus 7% interest, had grown to $11 billion.