The Federal Government has revealed how Nigeria successfully defended itself against an $11 billion investment scam orchestrated by Process and Industrial Developments Limited (P&ID), describing the victory as a watershed moment in the nation's fight against corruption and economic sabotage.

Mr. Kofo Abdulsalam-Alada, National Coordinator of the Federal Republic of Nigeria (FRN) Legal & Investigation Team on the P&ID case, disclosed on Thursday that President Bola Tinubu's administration's firm stance was crucial in thwarting attempts by the fraudsters to force a settlement.

"It took the commitment of the current government to rescue the country from the hands of fraudsters," Abdulsalam-Alada stated during a courtesy visit to Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN. "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."

According to Abdulsalam-Alada, P&ID has already begun making restitution, having refunded $200 million fraudulently obtained from Nigeria and paid $10 million in litigation costs, with additional payments expected.

The Silent Hero Behind Nigeria's Victory

In his response, AGF Fagbemi praised Abdulsalam-Alada as the "silent hero" of Nigeria's triumph in the decade-long legal battle.

"Kofo Abdulsalam-Alada is the definition of a silent hero," Fagbemi declared. "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."

The AGF noted that although Abdulsalam-Alada is exiting public service, his legacy of diligence, integrity, and quiet leadership will endure. He also commended Nigeria's legal team in the United Kingdom for their strategic brilliance and commitment to justice.

A Landmark Victory Against Fraud

The UK High Court, in its October 2023 ruling, upheld Nigeria's challenge to an $11 billion arbitration award granted to P&ID in 2017. The British Virgin Islands-based shell company had claimed damages after a purported gas processing deal with Nigeria's Ministry of Petroleum Resources collapsed.

Investigations revealed that P&ID never secured land for the project site in Calabar, nor did it demonstrate any capacity to execute the project. The court found that the company relied on bribery, false claims, and misuse of privileged documents to press its case.

Fagbemi disclosed that P&ID had made repeated overtures to the government to negotiate a settlement, but President Tinubu's administration refused to compromise with fraudsters.

"This government will not go hand in glove with fraudulent counterparties," Fagbemi emphasized. "The President reaffirmed this position earlier today at the Nigeria Economic Summit Group. The victory is historic, not just for Nigeria, but for all developing nations vulnerable to similar predatory tactics."

The successful defense was made possible by a coordinated response involving key agencies, including the Ministry of Justice, EFCC, Nigeria Police, CBN, Ministry of Petroleum Resources, NNPCL, DSS, and NFIU.

"This judgment is a milestone in our fight against corruption," the AGF concluded. "It vindicates the Nigerian government and should deter future attempts to swindle the nation."