The Federal Government has recovered the sum of $200 million deposited as bond in a UK court in pursuance of its defence of the $11 billion arbitral award to Process and Industrial Development (P&ID) Limited.
Attorney General of the Federation and Minister of Justice Prince Lateef, Fagbemi (SAN), on Thursday, when a team of lawyers who defended the country in the UK court led by Shaistah Akhtar, paid him a courtesy call.
He also disclosed that the sum of $10million out of the $20million awarded in favour of Nigeria has been paid to the Federal Government.
He commended Akhtar and a former Director of Legal in the Ministry of Justice, Kofo Salam-Alada, over the legal victory and recovery of funds to Nigeria.
“The whole country has celebrated our success in the P&ID case and applauded the resilience and determination of President Bola Tinubu, 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 legal team which was led by Kofo Salam-Alada, who gave me the necessary support” the AGF stated.
He said that the P&ID case presented an unprecedented challenge, that threatened to impose a colossal financial burden on the Nigerian people.
“It was a complex and arduous battle, demanding meticulous preparation, astute legal argumentation, and an unwavering commitment to uncovering the truth, Fagbemi said.
He commended the legal team for rising to the momentous occasion, and demonstrating not only legal brilliance but also a deep understanding of the intricate nuances involved.
“Your ability to navigate the complexities of international arbitration, expose the fraudulent underpinnings of the initial award, and ultimately secure a favorable judgment, is a testament to your outstanding expertise and unwavering resolve.
“This victory is not merely a legal triumph; it is a powerful message to the world that Nigeria will not be exploited and that justice will prevail, the AGF posited.
Earlier, Akthar, who was accompanied by Lydia Allaby, explained that the $10m paid to Nigeria, was from the $20m awarded in favour of Nigeria after P&ID lost the case.
She added that the outstanding $10m is a subject of legal challenge by the firm which Nigeria is vigorously pursuing.
She noted that the Nigerian case was among the only 14% of successful challenges against arbitral award cases.
Meanwhile, Fagbemi has wished Salam-Alada happy retirement from the service, saying “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.
“Kofo Salam-Alada is a definition of a silent hero. He is one who works tirelessly behind the scene, without expectation of applause or recognition.
“He quietly lays the groundwork for the work that some of us are seen to be doing.
The AGF noted that the FGN-P&ID Team Coordinator and other stakeholders built the FRN’s case which the counsel were able to present before the court.
“Heroes such as Kofo don’t seek headlines or standing ovations. Their reward lies in the knowledge that they have made a difference, that their efforts have contributed to something greater than themselves.
“Kofo embodies true selflessness, a commitment to the well-being of our great country.
“But beyond his professional accomplishments, it is his humanity, his humility, and his dedication to service that will be remembered most.
“He leaves behind not just a legacy of legal excellence, but a culture of diligence, ethical leadership, and quiet strength” Fagbemi stated.
He thanked the legal representatives from the United Kingdom, for theur dedication, strategic prowess, and tireless efforts in securing the landmark victory for Nigeria.
He added that the legal victory for has helped Nigeria in safeguarding its resources and upholding the principles of justice.
