The Federal Government has shared fresh details of how Nigeria was saved from a massive $11 billion scam orchestrated by Process and Industrial Developments Limited (P&ID), describing the recent legal victory in the United Kingdom as a landmark moment in the nation’s fight against corruption and economic sabotage.
Mr. Kofo Abdulsalam-Alada, National Coordinator of the Federal Republic of Nigeria (FRN) Legal & Investigation Team on the P&ID case, recounted the painstaking legal and diplomatic efforts that led to the favorable ruling.
Speaking during a courtesy visit to the Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN, Abdulsalam-Alada praised the unwavering resolve of President Bola Tinubu’s administration in rejecting all attempts by P&ID to negotiate a backdoor settlement.
“It took firm political will to rescue Nigeria from the grip of fraudsters,” Abdulsalam-Alada said.
“Despite intense pressure to settle out of court, the AGF and the President insisted Nigeria would not be a victim. Their stance not only safeguarded national assets but sent a strong message that the country is no longer a soft target for fraudulent schemes.”
He added that in addition to losing the $11 billion claim, P&ID had already refunded $200 million it fraudulently obtained and paid another $10 million in litigation costs. The balance, he confirmed, will also be recovered.
In response, AGF Fagbemi described Abdulsalam-Alada as the “silent hero” behind Nigeria’s legal triumph.
“Kofo worked diligently behind the scenes without seeking the spotlight,” Fagbemi said.
“While I received praise for resisting a settlement, the true strength came from Kofo and his team. Their strategic groundwork made our courtroom success possible.”
Although Abdulsalam-Alada is set to retire from public service, Fagbemi emphasized that his legacy of integrity, diligence, and quiet leadership would leave a lasting impact.
“His humility, professionalism, and dedication embody the best of public service,” Fagbemi said. “Though he’s stepping down, I have no doubt Nigeria will continue to benefit from his wisdom.”
The AGF also applauded Nigeria’s legal team in the UK, highlighting their strategic brilliance in dismantling P&ID’s fraudulent claims and securing justice for the country.
The case centered on a 2017 arbitration award of $11 billion to P&ID, a shadowy British Virgin Islands-registered company, over a failed gas processing agreement with Nigeria’s Ministry of Petroleum Resources.
In October 2023, the UK High Court ruled in favor of Nigeria, nullifying the award after finding overwhelming evidence of fraud, bribery, and fabrication by P&ID.
Investigations revealed the company never acquired land for the project site in Calabar and had no genuine capacity to deliver on the contract. Instead, the court determined, P&ID had engaged in widespread bribery and deception to push its claims.
Quoting from the judgment and submissions by lead counsel Mark Howard KC, Fagbemi said:
“The court found that P&ID was precisely the kind of entity that would resort to bribery in pursuit of outrageous financial gain—seeking wealth beyond the dreams of avarice.”
Fagbemi confirmed that P&ID repeatedly attempted to negotiate a settlement, but the Tinubu administration held firm.
“This government will not partner with fraudsters,” the AGF stated. “The President reaffirmed this stance at the Nigeria Economic Summit Group earlier today. This victory is not just for Nigeria—it’s a warning to all predatory interests targeting developing nations.”
He further noted that the case had posed serious threats to Nigeria’s foreign reserves, overseas assets, and economic stability.
The successful defense was the result of a coordinated effort involving the Ministry of Justice, EFCC, CBN, Nigeria Police, DSS, Ministry of Petroleum Resources, NNPCL, and the NFIU.
“This is more than a courtroom win,” Fagbemi concluded. “It’s a milestone in our national fight against corruption, and a message that Nigeria will defend its sovereignty and resources at all costs.”
