The Federal Government of Nigeria has recovered the sum $200 million 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.
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The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), disclosed this on Thursday during a visit by a team of lawyers who defended the country in the UK to the Ministry led by Shaistah Akhtar.
Fagbemi, while commending 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, said the $200 million was deposited at the beginning of the challenge and was returned following Nigeria’s successful challenge of the case
He said, “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.
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.
Akhtar noted that the victory would serve as a deterrent to other persons who may want to defraud Nigeria with similar cases.
She explained that the setting aside of the $11n award against Nigeria in 2023 was an unprecedented and historic victory, being among the only 14% of successful challenges against arbitral awards.
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