How Nigeria was rescued from $11bn P&ID scam – FG

The Federal Government has revealed how Nigeria was saved from $11 billion scam engineered by Process and Industrial Developments Limited (P&ID), describing the landmark victory in a UK court as a turning point in the fight against corruption and economic sabotage.

The National Coordinator of the Federal Republic of Nigeria (FRN) Legal and Investigation Team on the P&ID case, Mr. Kofo Abdulsalam-Alada narrated the behind-the-scenes efforts that led to the successful outcome.

Speaking during a courtesy visit to the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, Abdulsalam-Alada said, the unwavering stance of the Tinubu administration was key to frustrating attempts by the fraudsters to force an out of court settlement.

“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 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 said.

Responding, the AGF praised Abdulsalam-Alada as the “silent hero” of Nigeria’s triumph in the decade-long legal tussle adding that, “Kofo Salam-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 noted that although, Abdulsalam-Alada is exiting public service, his legacy of diligence, integrity, and quiet leadership will endure.

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“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,” he said.

The AGF also used the occasion to commend Nigeria’s legal team in the United Kingdom for their strategic brilliance and commitment to justice.

“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 a $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 said.

He 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 would be recalled that the UK High Court, in a ruling in October 2023, upheld Nigeria’s challenge to a $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.

However, investigations revealed that P&ID never secured land for the project site in Calabar, nor did it demonstrate any capacity to execute the project.

The court found that the company relied on bribery, false claims, and misuse of privileged documents to press its case.

Fagbemi, citing the judgment and the submissions of Nigeria’s lead counsel, Mark Howard KC, 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 disclosed that P&ID had made repeated overtures to the government to negotiate a settlement, but President Bola Tinubu’s administration refused to condone any compromise with fraudsters.

“This government will not go hand in glove with fraudulent counterparties. The victory is historic, not just for Nigeria, but for all developing nations vulnerable to similar predatory tactics”, he said and added that the case posed serious risks to Nigeria’s foreign reserves, its assets abroad, and its monetary and fiscal stability.

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.

NIGERIAN TRIBUNE