- Massive Win: Nigeria defeats P&ID in UK arbitration.
- AGF’s Take: Victory proves Nigeria won’t be exploited again.
- Financial Relief: Nigeria dodged an $11 billion payout.
- Key Players: Recognition for the legal team and their dedication.
- Recovered Funds: Nigeria gets back $200 million plus $10 million in costs.
Nigeria’s Legal Team: The Unsung Heroes
Fagbemi didn’t hold back in praising the legal team, led by Kofo Abdulsalam-Alada and Shaistah Akhtar. He said this victory isn’t just a legal one; it sends a clear message to the world that Nigeria won’t be exploited anymore and that justice will always win. According to him, the P&ID case was a huge challenge that threatened to put a massive financial burden on Nigerians. It took serious preparation, smart legal arguments, and a commitment to finding the truth.
AGF Fagbemi’s Strong Stance
Fagbemi highlighted that his determination not to negotiate or settle with P&ID came from the support and integrity of the Federal Government of Nigeria (FGN-P&ID) coordinating team, led by Kofo Salam-Alada. He emphasized that their reward is knowing they made a difference and contributed to something bigger than themselves.
What the AGF Said
“Your dedication, strategic prowess, and tireless efforts have secured a landmark victory for our nation, safeguarding its resources and upholding the principles of justice,” Fagbemi stated.
The Money Recovered
Here’s the juicy part: Nigeria has already recovered $200 million that was deposited for the appeal against the $11 billion award. Plus, they’ve received another $10 million as part of the $20 million cost award against P&ID. Shaistah Akhtar mentioned that the remaining $10 million is still being challenged legally by P&ID.
Why This Win Matters
Akhtar pointed out that Nigeria’s success is rare, with only 14% of challenges against arbitral awards succeeding. This victory not only saves Nigeria billions but also serves as a warning to others looking to scam the country.
Tributes to AGF Fagbemi
Alada, also a retiring Director of Legal Services at the Central Bank of Nigeria (CBN), praised AGF Fagbemi for his strong stance. He noted that when there was pressure to settle, Fagbemi stood firm, supported by President Tinubu, declaring that Nigeria is not for sale to fraudsters.
The Backstory: The P&ID Case
In 2023, a London court quashed the $11 billion award against Nigeria, which stemmed from a gas processing plant agreement back in 2010. The court found that the award was obtained through fraud and went against public policy, meaning Nigeria didn’t have to pay the debt. P&ID was then ordered to pay Nigeria £20 million in damages and compensation.
The Bigger Picture
This victory is a major win for Nigeria, showing the world that the country is serious about fighting corruption and protecting its resources. It also reinforces confidence in Nigeria’s legal system and sends a message that fraudulent activities will not be tolerated.
In Conclusion
Nigeria’s win against P&ID is more than just a legal victory; it’s a symbol of resilience, determination, and a commitment to justice. AGF Fagbemi and his team have shown that Nigeria is ready to stand up against exploitation and protect its national interests.