The Federal Government has recovered $210 million previously deposited as bond and award in a UK court during its legal defence against the $11 billion arbitral claim filed by Process and Industrial Developments (P&ID) Ltd.

The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), disclosed this during a visit by the legal team that defended Nigeria in the case, led by Shaistah Akhtar.

Fagbemi praised the team’s dedication, particularly that of Kofo Salam-Alada, former Director of Legal in the Ministry of Justice, for his instrumental role in securing the legal victory and recovering the funds.

He said, “The country applauded our success in the P&ID case and credited my refusal to negotiate with fraudsters, but my resolve was made possible by the commitment of the coordinating team, led by Kofo Salam-Alada.”

Fagbemi also congratulated Salam-Alada on his retirement, expressing confidence that his expertise would continue to be sought after.

Akhtar, accompanied by Lydia Allaby, revealed that $10 million of the recovered sum was awarded to Nigeria from the $20 million cost granted in its favour following the case’s dismissal. She noted, however, that the remaining $10 million is still under legal contestation by P&ID.

She highlighted that Nigeria’s case is among just 14 per cent of challenges to arbitral awards globally that have been successfully overturned.