The Federal Government of Nigeria has recovered the sum $200 million and another $10 million award 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. The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), disclosed this during a visit by a team of lawyers who defended the country in the UK to the Ministry led by Shaistah Akhtar.

This submission was coming years after a court in London quashed the $11 billion award against Nigeria in the controversial Procees and Industrial Development case bordering on a purported gas processing plant agreement with the Nigerian government in 2010. The federal government of Nigeria’s victorious case against the (P&ID) led to the award of $11bn, a feat still regarded as one of the “greatest” litigation that ended in a landmark decisions in favour of Nigeria. Giving a final verdict, the Business and Property Court in London ruled that the award was obtained through fraud and was contrary to public policy, effectively negating Nigeria's obligation to pay the debt. The court thereafter ordered P&ID to pay Nigeria £20 million in damages and compensation. 

Going down memory lane, the AGF recalled that the P&ID case presented a complex, an unprecedented challenge and arduous battle, which according to him demanded meticulous preparation, astute legal argumentation, and an unwavering commitment before the truth could be uncovered. While lauding the teams, he noted that they rose to the momentous occasion, demonstrating not only legal brilliance but also a deep understanding of the intricate nuances involved. In her own remarks, Shaistah Akhtar, 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 and described the award as unprecedented at the English court.

Also Speaking, Salam-Alada, who led the Federal Government of Nigeria P&ID coordinating team and also Director of Legal Services at the Central Bank of Nigeria (CBN), commended the minister adding when the judgment pressure was on, he insisted Nigeria is not for sale to fraudulent scammers who are out to swindle the country. They noted that the Nigerian case was among the only 14% of successful challenges against arbitral award cases.