The Federal Government has revealed how it stopped a $11 billion scam by Process and Industrial Developments Limited (P&ID). Officials described the UK court victory as a major step in the fight against corruption.
Mr. Kofo Abdulsalam-Alada, who led Nigeria’s legal and investigation team, shared details of the behind-the-scenes efforts. He spoke during a visit to the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN).
Abdulsalam-Alada said the Tinubu administration’s firm stance blocked multiple attempts by P&ID to settle the matter out of court.
“This government’s commitment saved Nigeria from fraudsters,” he said. “Despite heavy pressure, the AGF and the President refused to settle.”
He added that their determination preserved Nigeria’s funds and set a warning for future scammers.
“They have started repaying. We will recover every cent,” Abdulsalam-Alada assured.
Attorney-General Fagbemi praised Abdulsalam-Alada for his dedication and leadership. He called him the silent hero of the case.
“Many praised me for standing firm, but Kofo’s work built the case,” Fagbemi said. “He worked quietly but effectively.”
Though Abdulsalam-Alada is retiring, Fagbemi believes his legacy will remain.
“Kofo’s humility and integrity define his service. Nigeria will continue to benefit from his expertise.”
UK Lawyers Applauded for Strategic Brilliance
Fagbemi also thanked Nigeria’s UK legal team. He said their strategic thinking protected the country from a huge financial burden.
“This case could have cost Nigeria $11 billion,” he said. “But our team exposed the fraud and won.”
The UK High Court ruled in October 2023 to cancel the arbitration award to P&ID. The company had claimed damages over a failed gas deal with Nigeria’s Petroleum Ministry.
But investigations showed P&ID never secured land or showed capacity to deliver. The court confirmed the company used bribery, lies, and stolen documents.
Nigeria’s lead counsel, Mark Howard KC, convinced the court that P&ID sought “riches beyond the dreams of avarice.”
Fagbemi said the Tinubu administration rejected all efforts to negotiate with the company.
“We will not deal with fraudsters,” he said. “This win proves that Nigeria will no longer be an easy target.”
He added that the case had threatened Nigeria’s reserves, assets, and economic stability.
The victory was possible due to coordination among key agencies, including the EFCC, DSS, Police, CBN, NNPCL, and the Petroleum Ministry.
