The Federal Government has revealed how Nigeria narrowly escaped paying a fraudulent \$11 billion arbitration award to Process and Industrial Developments Limited (P\&ID), following a decisive victory in a United Kingdom court. Officials described the case as one of the largest attempted scams in Nigeria’s history and a major turning point in the country’s fight against economic sabotage.
The National Coordinator of the Legal and Investigation Team on the case, Mr. Kofo Abdulsalam-Alada, shared insights during a visit to the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN). Abdulsalam-Alada credited the Tinubu administration’s firm stance for preventing a backdoor settlement with the fraudulent company.
“It took the commitment of the current government to rescue the country from the hands of fraudsters,” Abdulsalam-Alada said. “Despite pressure to settle out of court, the AGF and the President stood firm. That decision preserved our national resources and sent a strong message that Nigeria will not be a soft target for scams.”
Attorney-General Fagbemi, in response, described Abdulsalam-Alada as a “silent hero,” acknowledging his behind-the-scenes work as key to Nigeria’s success in the case. “While many praised my resistance to settling, the real strength came from Kofo’s leadership and the work of the coordinating team,” Fagbemi said.
The UK High Court, in October 2023, ruled in Nigeria’s favour, throwing out P\&ID’s claim to an \$11 billion arbitration award granted in 2017. P\&ID, a British Virgin Islands-based company with no proven operational track record, had claimed damages over a failed gas processing deal with Nigeria’s Ministry of Petroleum Resources.
Investigations later revealed that P\&ID had no land, no equipment, and no ability to deliver on the project. Worse still, the company used bribery, forged documents, and insider information to try to win the case.
“This was a clear attempt at looting Nigeria’s public funds through deception,” Fagbemi said. “But thanks to our team of experts here and in the UK, we were able to expose the fraud and protect our economy.”
The case, which had dragged on for over a decade, threatened to cripple Nigeria’s finances. A judgment in favour of P\&ID could have forced Nigeria to pay the massive award from its foreign reserves and exposed its overseas assets to seizure.
Fagbemi emphasized that the Tinubu administration refused to entertain settlement proposals from P\&ID. “This government will not engage with fraudsters. Our stand sets a new standard not only for Nigeria but for other developing nations facing similar threats,” he said.
He also praised the cooperation between key Nigerian agencies—including the Ministry of Justice, EFCC, DSS, NNPC Limited, CBN, and the Nigeria Police—for their role in building a solid defense.
Though Abdulsalam-Alada is retiring from public service, Fagbemi noted that his legacy of integrity and commitment would continue to inspire. “Kofo’s work is a reminder that quiet leadership and patriotism still matter,” he said.
With this victory, Nigeria sends a strong signal to the global community: fraud will not be tolerated, and justice will prevail.