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• Alleges company, its agents recently made overtures to settle out of court
From Juliana Taiwo-Obalonye, Abuja
The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, has expressed federal government’s satisfaction, over the judgment from the Commercial Courts of England and Wales, which has halted the enforcement of the $11 billion arbitration award in favour of P&ID, describing it as a triumph against corruption and predatory international investors.
The AGF who took a break from the Federal Executive Council meeting presided over by President Bola Tinubu, brief State House Correspondents at the Presidential Villa, disclosed that P&ID and several of its agents had approached the Nigerian government for an out-of-court settlement last week.
He said: “The judgement also serves as a damning indictment of predatory international investors, who should now rightfully be deterred from prying upon Nigeria and other developing nations to satisfy their greed.
“P&ID and its associates, both Nigeria and the world over, shamelessly attempted to defraud the country and enrich themselves through sharing the Federal Republic of Nigeria’s privileged document, fraud, bribery and corruption on an industrial scale. Those efforts, which took place over many years have now finally been uncovered for all of us to see.
“It is imperative to point out that several agents of P&ID made overtures even as at last week to the Federal Republic of Nigeria for settlement on this case, however, the resolve of the administration of President Bola Ahmed Tinubu not to go hand in gloves with fraudulent counterparties or condone corruption informed the position of the Federal Republic of Nigeria to hold fast to its position, not to settle.
“Indeed, earlier this morning (Monday), the President at the opening ceremony of Nigeria Economic Summit Group retreated this Cardinal position of his administration. History has been made today, as this judgment is no doubt significant in the annals of Nigeria and indeed Africa. This judgment has vindicated the government and should serve as a pointer to others who might be nursing or nurturing the plan to swindle the country.”
The AGF credited the success of the judgement to the close collaboration between various government agencies.
“The success recorded was as a result of a close inter agency collaboration of the federal government team comprising of Honourable Attorney General of the Federation, Federal Ministry of Justice, Economic and Financial Crimes Commission otherwise known as EFCC. The Nigerian police force, Central Bank of Nigeria, Ministry of petroleum resources, the Nigerian National Petroleum Company Limited (NNPCL), Department of State Security Service (DSS) and the Nigerian Financial Intelligence Unit otherwise known as NFIU.”
Fagbemi said further hearings in the United Kingdom court will determine the costs to be paid by P&ID and other involved parties.
“There will be further hearing by the United Kingdom court on the heels of this judgment to determine costs payable by P&ID and others in the matter”, he said.
