Fagbemi: P&ID verdict will serve as deterrent to those seeking to swindle Nigeria

Lateef Fagbemi, attorney-general of the federation (AGF) and minister of justice, says the victory secured by Nigeria in the Process & Industrial Developments (P&ID) Limited litigation will serve as a deterrent for those seeking to swindle the country.

The victory on Monday ended the legal laps Nigeria has been in since January 2017 when a $6.6 billion fine was imposed on the country over a failed gas processing contract.

With the interest rate fixed at seven percent amounting to $1 million a day, the potential payment had accumulated to over $11 billion before the verdict.

Delivering his verdict, Robin Knowles, justice of the Commercial Courts of England and Wales, halted the enforcement of the $11 billion P&ID award and upheld Nigeria’s prayer on the ground that it was obtained by fraud.

Speaking with State House correspondents at the presidential villa, Abuja, Fagbemi described the process leading up to the verdict as “a night of long nights”.

“The success marks the culmination of a decade of legal action and is not just a victory for the poor of Nigeria but any similar target of corruption and fraud,” he said.

“This judgment has vindicated the government and should serve as a pointer to others who might be nursing or nurturing the plan to swindle the country.”

The AGF said the company’s agents made efforts to settle the case out of court “as of last week”.

“P&ID and its associates, both Nigeria and the world over, shamelessly attempted to defraud the country and enrich themselves through sharing the federal republic of Nigeria’s privileged document, fraud, bribery and corruption on an industrial scale,” he said.

“Those efforts, which took place over many years, have now finally been uncovered for all of us to see.

“It is imperative to point out that several agents of P&ID made overtures even as of last week to the Federal Republic of Nigeria for settlement on this case.

However, the resolve of the administration of President Bola Ahmed Tinubu not to go hand in glove with fraudulent counterparties or condone corruption informed the position of the Federal Republic of Nigeria to hold fast to its position, not to settle.”

The minister said there will be further hearings by the UK court to determine the costs payable by P&ID.