The United Kingdom Court of Appeal on Friday validated Nigeria’s claim for the post-judgment costs to be paid in Pound Sterling (GBP) by Process and Industrial Developments Limited (P&ID).
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The Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi (SAN), who disclosed this in a statement on Friday said, P&ID had tried to reduce the post-judgment cost drastically by claiming that Nigeria should only be entitled to recover its costs in Naira, which evidently will produce a much lower cost.
This, according to the AGF, “Was another misconceived and desperate attempt by fraudsters to deprive the Nigerian people of hard-earned public revenue”.
He assured of the determination of the federal government to recover the costs and make P&ID and its US funders pay for their scam so as to serve as a deterrence to others of their ilk.
The AGF commended the dedication and tenacity of Nigeria’s legal team for the accomplishment.
The statement reads in part, “The Hon. Attorney-General of the Federation, Lateef O. Fagbemi, SAN is delighted at a report just received from our UK solicitors on the latest victory recorded by Nigeria in its fight against corruption and extortion by litigation hawks.
“Consequent upon our success in defeating the fraudulent USD 11 billion claim by P&ID last year, Nigeria is continuing its efforts to recover its substantial costs from P&ID and its vulture fund backers.
“Today (being the 12th day of July 2024), the United Kingdom Court of Appeal validated Nigeria’s claim for the post-judgment costs to be paid in Pound Sterling (GBP), which P&ID tried to reduce drastically by claiming that Nigeria should only be entitled to recover its costs in Naira, which evidently will produce a much lower cost.
“This was another misconceived and desperate attempt by fraudsters to deprive the Nigerian people of hard-earned public revenue.
“As a government, we are very determined to recover these costs and make P&ID and its US funders pay for their scam so as to serve as a deterrence to others of their ilk”, the statement added.
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