•P&ID refunds $210m litigation costs to Nigeria, says Legal Team Leader
The Federal Government , on Thursday, disclosed how Nigeria was saved from an $11 billion investment scam engineered by Process and Industrial Developments Limited (P&ID), describing the landmark victory in a United Kingdom Court as a turning point in the fight against corruption and economic sabotage.
The National Coordinator of the Federal Republic of Nigeria (FRN) Legal & Investigation Team on the P&ID case, Mr. Kofo Abdulsalam-Alada, narrated the scenario that led to the successful outcome of the matter.
Narrating the infamous action by the P&ID during a courtesy call on the Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi (SAN), Abdulsalam-Alada emphasised that the unwavering stance of President Bola Tinubu’s administration was key to frustrating attempts by the fraudsters to force a fraudulent settlement.
He said, “It took the commitment of the current government to rescue the country from the hands of fraudsters. The AGF and the President stood their ground that Nigeria would not be scammed. Despite immense pressure to settle out of court, Fagbemi remained resolute that Nigeria is not for sale to portfolio investors.
“That firmness has not only preserved our resources but has set a precedent that such schemes will no longer find footing in Nigeria. They will pay back—and have already started to pay. Every cent will be recovered.”
Abdulsalam-Alada added that apart from losing the fraudulent $11 billion claim against Nigeria, P&ID had refunded the $200 million fraudulently received from Nigeria while it had also paid $10 million as cost of litigation to the country, with the balance to be paid soon.
Responding, AGF Fagbemi praised Abdulsalam-Alada as the “silent hero” of Nigeria’s triumph in the decade-long legal tussle.
He said, “ Kofo Abdulsalam-Alada is the definition of a silent hero. He works tirelessly behind the scenes without expectation of recognition.
“While many have praised my resilience in rejecting settlement with the fraudsters, the real strength came from the unwavering support of the FRN-P&ID Coordinating Team led by Kofo. His work laid the foundation for our case in court.”
Fagbemi also stated that although Abdulsalam-Alada is exiting public service, his legacy of diligence, integrity, and quiet leadership will endure.
He said, “ Kofo’s humility, humanity, and dedication to service define his tenure. He leaves behind a culture of legal excellence and ethical leadership. It is disheartening to see him go, but I am certain Nigeria will continue to call upon his expertise.
The Chief Law Officer of the Federation also used the occasion to commend Nigeria’s legal team in the United Kingdom for their strategic brilliance and commitment to justice.
He said, “To our partners in the UK, your efforts have safeguarded Nigeria’s resources and reaffirmed our faith in the justice system.
This case was complex and unprecedented, threatening to burden Nigeria with an $11 billion liability. But your ability to unravel its fraudulent foundation and secure a favorable ruling is a testament to your expertise and resolve.”
The AGF also described the outcome as more than a legal victory—it was a message to the world that Nigeria would no longer be an easy target for fraud and exploitation.
It is instructive to note that the UK High Court, in a verdict in October 2023, upheld Nigeria’s challenge to an $11 billion arbitration award granted in 2017 to P&ID, a British Virgin Islands-based shell company backed by a hedge fund.
P&ID had claimed damages after a purported gas processing deal with Nigeria’s Ministry of Petroleum Resources collapsed.
But diligent investigations by the Economic and Financial Crimes Commission (EFCC) revealed that P&ID never secured land for the project site in Calabar, nor did it demonstrate any capacity to execute the project. It was further discovered that the company relied on bribery, false claims, and misuse of privileged documents to press its fraudulent claims.
Citing the judgment and the submissions of Nigeria’s lead counsel, Mark Howard KC, Fagbemi said the court agreed that “P&ID was exactly the type of entity prepared to engage in bribery to achieve its aims—seeking riches beyond the dreams of avarice.”
The AGF also disclosed that P&ID had made repeated overtures to the government to negotiate a settlement, saying that President Bola Tinubu’s administration refused to condone any compromise with fraudsters.
He said, “This government will not go hand in glove with fraudulent counterparties. The President reaffirmed this position earlier today at the Nigeria Economic Summit Group. The victory is historic, not just for Nigeria, but for all developing nations vulnerable to similar predatory tactics.”
He added that the case posed serious risks to Nigeria’s foreign reserves, its assets abroad, and its monetary and fiscal stability, saying that the successful defense was made possible by a coordinated response involving key agencies, including the Ministry of Justice, EFCC, Nigeria Police, CBN, Ministry of Petroleum Resources, NNPCL, DSS, and NFIU.
Fagbemi said, “This judgment is a milestone in our fight against corruption. It vindicates the Nigerian government and should deter future attempts to swindle the nation.”
