FG Celebrates Legal Victory Over P&ID, Saving Nigeria from $11 Billion Scam

The Federal Government of Nigeria FG has officially hailed its recent triumph in the United Kingdom High Court, which blocked an $11 billion arbitration award previously granted to Process and Industrial Developments Limited (P&ID), calling it a defining moment in the country’s battle against economic sabotage and corruption.

The landmark decision, delivered in October 2023, put an end to what many described as one of the most audacious fraud attempts in modern legal history—a scheme that could have decimated Nigeria’s foreign reserves and undermined its economic stability.

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Behind the Legal Triumph

Speaking during a courtesy visit to the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, the National Coordinator of the Federal Republic of Nigeria (FRN) Legal and Investigation Team on the P&ID case, Mr. Kofo Abdulsalam-Alada, revealed the behind-the-scenes resistance that led to the historic win.

“It took the commitment of the current government to rescue the country from the hands of fraudsters,” Abdulsalam-Alada stated. He explained that despite intense pressure to settle out of court, the administration, under President Bola Tinubu, stood firm, refusing to legitimise what he described as an orchestrated scam. “Every cent will be recovered,” he promised, adding that repayments have already commenced.

AGF Commends the “Silent Hero”

In a heartfelt tribute, Attorney-General Fagbemi hailed Abdulsalam-Alada as the “silent hero” behind the scenes. “While many have praised my resilience in rejecting settlement, the real strength came from Kofo and his team. His work laid the foundation for our court victory,” Fagbemi remarked.

Though Abdulsalam-Alada is exiting public service, the AGF assured that his legacy of “diligence, humility, and ethical leadership” would continue to inspire future public servants. “Kofo leaves behind a culture of legal excellence that will be hard to replicate,” he noted.

A Message to Fraudsters and the International Community

Fagbemi emphasized that the outcome of the case sends a resounding message globally: Nigeria is no longer an easy target for fraud. He also extended appreciation to Nigeria’s legal team in the UK for their strategic brilliance. “This case was complex and unprecedented,” he explained, adding that their success in unraveling the scam was a testament to their legal expertise and patriotic dedication.

The case revolved around a fraudulent gas processing agreement signed in 2010 between Nigeria’s Ministry of Petroleum Resources and P&ID, a shell company registered in the British Virgin Islands. In 2017, P&ID secured an $11 billion arbitration award for a project it never intended to implement.

The Anatomy of a Scam

Further investigations revealed that P&ID had no land, no permits, and no credible plan to execute the contract. It instead relied on false claims, bribery, and insider documents to support its case in arbitration. The UK High Court found that the company had manipulated the process from the outset, with the court strongly criticizing the “deliberate and dishonest” nature of its actions.

Referencing the judgment, AGF Fagbemi said the court concluded 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.”

Despite repeated offers from P&ID to settle out of court, the Tinubu-led administration rejected any form of compromise, signalling a shift in Nigeria’s global legal posture. “This government will not go hand in glove with fraudulent counterparties,” Fagbemi asserted.

A Coordinated National Response

The victory was the result of a collaborative effort across multiple government institutions, including the Ministry of Justice, Economic and Financial Crimes Commission (EFCC), Department of State Services (DSS), Nigeria Police Force, Central Bank of Nigeria (CBN), Ministry of Petroleum Resources, Nigerian National Petroleum Company Limited (NNPCL), and the Nigerian Financial Intelligence Unit (NFIU).

Their coordinated efforts ensured that the fraud was exposed and that Nigeria’s legal and economic interests were defended vigorously.

A Historic Win for Developing Nations

Fagbemi concluded by emphasizing that Nigeria’s victory is not only a national achievement but also a win for developing nations across the globe. “This is a message to hedge funds and corporate predators: we will fight back, and we will win,” he said.

With the legal dust now settling, Nigeria has avoided a potentially disastrous financial burden and set a powerful precedent against fraudulent arbitration claims. As Abdulsalam-Alada exits public service, his quiet but impactful legacy stands as a testament to what can be achieved through integrity, determination, and the rule of law.