Nigeria: P&ID Case - We've Recovered $200m Bond, $10m Award - AGF

Abuja — The Federal Government, yesterday, said it has recovered the sum of $200million and another $10 million award it deposited as bond before a court in the United Kingdom.

The Attorney General of the Federation and Minister, Lateef Fagbemi, SAN, said the funds were deposited while FG defended a legal action that a company, Process and Industrial Development, P&ID, Ltd, initiated against the country over a botched gas exploration contract.

The AGF spoke after he received the team of lawyers that defended Nigeria in the matter at his office, yesterday evening.

He commended efforts of head of the delegation, Shaistah Akhtar and a former Director of Legal in the Justice Ministry, Kofo Salam-Alada, for helping the country secure victory in the $11m legal tussle.

"The whole country has celebrated our success in the Process & Industrial Developments Ltd (P&ID) case and applauded my resilience and determination 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 team which was led by Kofo Salam-Alada who gave me the necessary support," the AGF stated.

He equally wished Mr. Salam-Alada happy retirement from service.

Earlier, head of the delegation, Akthar, explained that $10million was paid to Nigeria from the $20million that was awarded in its favour after P&ID lost the case.

She disclosed that the outstanding $10million is a subject of legal challenge by the company, adding that the case involving Nigeria was among 14 percent of arbitrary awards that were successfully upturned.

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