The Federal Government has recovered $200 million and an additional $10 million bond previously deposited in a UK court during its legal battle against the $11 billion arbitral award granted to Process and Industrial Developments (P&ID) Ltd.
Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), announced the recovery on Thursday during a visit by Nigeria’s UK legal team, led by lawyer Shaistah Akhtar, to the Ministry of Justice.
Fagbemi commended Akhtar and former Ministry Director of Legal, Kofo Salam-Alada, for their role in securing the victory and recovering the funds.
“The country applauded our success in the P&ID case, but few know the resilience came from the dedication of the coordinating team, led by Kofo Salam-Alada,” Fagbemi said. He also praised Salam-Alada on his retirement, expressing confidence that the country would continue to benefit from his expertise.
Akhtar, joined by Lydia Allaby, clarified that the $10 million was part of a $20 million cost awarded to Nigeria following P&ID’s defeat. The remaining $10 million is currently under legal challenge by the firm.
She noted that Nigeria’s case ranks among the mere 14% of successful challenges to international arbitral awards.
