Nigeria Now Rescued From $11 Billion P&ID Debt Scandal -------- FG
The Federal Government, Thursday explained that the country has been rescued from an $11 billion investment scam perpetrated by the Process and Industrial Developments Limited, P&ID, and some criminally minded government officials.
The Federal Government, Thursday explained that the country has been rescued from an $11 billion investment scam perpetrated by the Process and Industrial Developments Limited, P&ID, and some criminally minded government officials.
The government described the landmark victory in a United Kingdom court as a turning point in the fight against corruption and economic sabotage in the country.
The National Coordinator of the Federal Republic of Nigeria, FRN, Legal & Investigation Team on the P&ID case, Kofo Abdulsalam-Alada, spoke on the behind-the-scenes efforts that led to the successful dismissal of the debt scam in the UK court.
The National Coordinator of the Federal Republic of Nigeria, FRN, Legal & Investigation Team on the P&ID case, Kofo Abdulsalam-Alada, spoke on the behind-the-scenes efforts that led to the successful dismissal of the debt scam in the UK court.
Abdulsalam - Al'ada who was speaking
on Thursday evening during a courtesy visit on the Attorney-General of the Federation, AGF, and Minister of Justice, Prince Lateef Fagbemi, SAN, noted how Nigeria was saved from debt scam, engineered by the P&ID.
He emphasised that the unwavering stance of President Tinubu’s administration was key to frustrating attempts by the fraudsters to force a settlement of dubious debt.
“It took the commitment of the current government to rescue the country from the hands of fraudsters.
“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.
“That firmness has not only preserved our resources but has set a precedent that such schemes will no longer find footing in Nigeria. They will pay back—and have already started to pay. Every cent will be recovered,” Abdulsalam-Alada said.
He further said that apart from losing the fraudulent $11 billion claim against Nigeria, P&ID had refunded the $200 million fraudulently received from Nigeria while it had also paid part of $10 million as cost of litigation to the country, with the balance to be paid soon.
In his response, Responding, the AGF, Mr Fagbemi tpraised Abdulsalam-Alada as the “silent hero” of Nigeria’s triumph in the decade-long legal tussle.
“Kofo Abdulsalam-Alada is the definition of a silent hero. He works tirelessly behind the scenes without expectation of recognition.
“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.
“That firmness has not only preserved our resources but has set a precedent that such schemes will no longer find footing in Nigeria. They will pay back—and have already started to pay. Every cent will be recovered,” Abdulsalam-Alada said.
He further said that apart from losing the fraudulent $11 billion claim against Nigeria, P&ID had refunded the $200 million fraudulently received from Nigeria while it had also paid part of $10 million as cost of litigation to the country, with the balance to be paid soon.
In his response, Responding, the AGF, Mr Fagbemi tpraised Abdulsalam-Alada as the “silent hero” of Nigeria’s triumph in the decade-long legal tussle.
“Kofo Abdulsalam-Alada is the definition of a silent hero. 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.
“His work laid the foundation for our case in court,” Fagbemi added, noting that although Abdulsalam-Alada is exiting public service, his legacy of diligence, integrity, and quiet leadership would endure.
“Kofo’s humility, humanity, and dedication to service define his tenure. He leaves behind a culture of legal excellence and ethical leadership. It is disheartening to see him go, but I am certain Nigeria will continue to call upon his expertise,” he said.
Fagbemi then used the occasion to commend Nigeria’s legal team in the UK over its members' strategic brilliance and commitment to justice.
“To our partners in the UK, your efforts have safeguarded Nigeria’s resources and reaffirmed our faith in the justice system.
“This case was complex and unprecedented, threatening to burden Nigeria with an $11 billion liability.
“His work laid the foundation for our case in court,” Fagbemi added, noting that although Abdulsalam-Alada is exiting public service, his legacy of diligence, integrity, and quiet leadership would endure.
“Kofo’s humility, humanity, and dedication to service define his tenure. He leaves behind a culture of legal excellence and ethical leadership. It is disheartening to see him go, but I am certain Nigeria will continue to call upon his expertise,” he said.
Fagbemi then used the occasion to commend Nigeria’s legal team in the UK over its members' strategic brilliance and commitment to justice.
“To our partners in the UK, your efforts have safeguarded Nigeria’s resources and reaffirmed our faith in the justice system.
“This case was complex and unprecedented, threatening to burden Nigeria with an $11 billion liability.
"But your ability to unravel its fraudulent foundation and secure a favorable ruling is a testament to your expertise and resolve,”
Fagbemi added.
He described the outcome as more than a legal victory—it was a message to the world that Nigeria would no longer be an easy target for fraud and exploitation.
The UK High Court, in a ruling in October 2023, upheld Nigeria’s challenge to an $11 billion arbitration award granted in 2017 to P&ID, a British Virgin Islands-based shell company backed by a hedge fund.
P&ID had claimed damages after a purported gas processing deal with Nigeria’s Ministry of Petroleum Resources collapsed, but investigations revealed that P&ID never secured land for the project site in Calabar, nor did it demonstrate any capacity to execute the project, even as the court discovered that the company relied on bribery, false claims, and misuse of privileged documents to press its case.
He described the outcome as more than a legal victory—it was a message to the world that Nigeria would no longer be an easy target for fraud and exploitation.
The UK High Court, in a ruling in October 2023, upheld Nigeria’s challenge to an $11 billion arbitration award granted in 2017 to P&ID, a British Virgin Islands-based shell company backed by a hedge fund.
P&ID had claimed damages after a purported gas processing deal with Nigeria’s Ministry of Petroleum Resources collapsed, but investigations revealed that P&ID never secured land for the project site in Calabar, nor did it demonstrate any capacity to execute the project, even as the court discovered that the company relied on bribery, false claims, and misuse of privileged documents to press its case.
Fagbemi, citing the judgment and the submissions of Nigeria’s lead counsel, Mark Howard KC, said the court agreed that “P&ID was exactly the type of entity prepared to engage in bribery to achieve its aims—seeking riches beyond the dreams of avarice.”
According to the AGF, the P&ID made repeated overtures to the government to negotiate a settlement, but President Tinubu’s administration refused to condone any compromise with fraudsters.
According to the AGF, the P&ID made repeated overtures to the government to negotiate a settlement, but President Tinubu’s administration refused to condone any compromise with fraudsters.
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