Nigeria Finally Blocks P&ID Heist, Recovers $210 Million in Case

The Federal Government has successfully put a closure on the heist almost pulled by P&ID and recovered $210 million, comprising $200 million bond deposit and a $10 million for damages.

The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), disclosed this during a visit by a team of lawyers who defended Nigeria in the UK.

The P&ID case, which was decided in favor of Nigeria, involved a purported gas processing plant agreement with the Nigerian government in 2010.

The London court had initially awarded $11 billion to P&ID, but this decision was later quashed after it was discovered that the award was obtained through fraud and was contrary to public policy.

The Business and Property Court in London ruled that the award was invalid, effectively negating Nigeria’s obligation to pay the debt.

The court also ordered P&ID to pay Nigeria £20 million in damages and compensation. This decision is seen as a major victory for Nigeria, and it is considered one of the greatest litigation successes in the country’s history.

The AGF described the P&ID case as a complex and unprecedented challenge that required meticulous preparation, astute legal argumentation, and an unwavering commitment to uncover the truth.

He praised the team of lawyers who defended Nigeria, saying they demonstrated not only legal brilliance but also a deep understanding of the intricate nuances involved.

Shaistah Akhtar, who led the team of lawyers, explained that the $10 million paid to Nigeria was part of the £20 million awarded in favor of Nigeria after P&ID lost the case.

However, she noted that the outstanding $10 million is subject to a legal challenge by P&ID, and the award is considered unprecedented in the English court.