The Federal Government of Nigeria announced a significant victory on Thursday, revealing how the country was rescued from an $11 billion investment scam orchestrated by Process and Industrial Developments Limited (P&ID). This development is being hailed as a turning point in the ongoing struggle against corruption and economic sabotage within the nation.
The Coordinator of the Federal Republic of Nigeria (FRN) Legal & Investigation Team on the P&ID case, Mr. Kofo Abdulsalam-Alada, credited the unwavering commitment of President Tinubu’s administration for the successful outcome. “It took the commitment of the current government to rescue the country from the hands of fraudsters,” Abdulsalam-Alada stated during a courtesy call on the Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN.
“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 Nigeria is not for sale to portfolio investors,” he added. Abdulsalam-Alada noted the implications of this victory, pointing out that P&ID not only lost its fraudulent $11 billion claim against Nigeria but also refunded $200 million previously acquired through deceit. Furthermore, the entity has paid $10 million as litigation costs, with further payments anticipated shortly.
Attorney-General Fagbemi praised Abdulsalam-Alada as the “silent hero” behind Nigeria’s success in this protracted legal battle. “Kofo Abdulsalam-Alada is the definition of a silent hero,” he declared. “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.”
He went on to highlight Abdulsalam-Alada’s influential role and expressed regret over his impending departure from public service: “His work laid the foundation for our case in court. It is disheartening to see him go, but I am certain Nigeria will continue to call upon his expertise,” the AGF remarked.
The successful outcome of this case, which saw the UK High Court uphold Nigeria’s challenge to an $11 billion arbitration award granted to P&ID in 2017, is pivotal. P&ID had sought damages after a supposed gas processing agreement with Nigeria’s Ministry of Petroleum Resources fell through, but investigations revealed the company lacked the necessary groundwork for the project, relying instead on bribery and fabrications.
Fagbemi emphasized the case’s broader implications, asserting, “This government will not go hand in glove with fraudulent counterparties.” He acknowledged the threats posed by this case to Nigeria’s foreign reserves and fiscal stability, stating that the judgment serves as a deterrent to future fraudulent attempts against the nation.
“This judgment is a milestone in our fight against corruption,” he concluded. “It vindicates the Nigerian government and should deter future attempts to swindle the nation.”
To ensure the successful defense, a coordinated effort was made between various key agencies, including the Ministry of Justice, EFCC, Nigeria Police, CBN, Ministry of Petroleum Resources, NNPCL, DSS, and NFIU.
Fagbemi reaffirmed the message sent by this victory: “It is historic, not just for Nigeria, but for all developing nations vulnerable to similar predatory tactics.”