Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, has hailed the decision of a London Commercial Court, ordering the return to Nigeria of the $200 million it deposited in the P&ID case. He said the decision gladdens his heart, adding that it was one of the “multiple successes” his office had recorded so far.
The AGF said the recent judgment demonstrated an “outcome of strong commitment and determination” of the his office to tackle fraud, corruption and non-compliance with due process.
Malami noted that since he took over the coordination of the case, it had been a “matter of success upon success.” In a statement yesterday by his Special Assistant on Media and Public Relations, Dr. Umar Jibrilu Gwandu, the minister said his office had obtained an order for stay of execution of the arbitral award granted to the firm.
He added that the most populous black nation recorded a tremendous success challenging the order for cash deposit of $200 million to bank guarantee.
Success, he Malami added, was equally achieved for having an order for the extension of time to challenge the award and agreement.
He said: “Nigeria was successful as the court awarded payment of legal cost of €1.5 million in favour of the country.
“The court also ordered the release of bank guarantee in favour of the Federal Government of Nigeria and awarded the payment of €70,000 to Nigeria as further legal cost relating to the issue.”
The AGF stated that the nation obtained several positive rulings that helped it get information from banks abroad. According to him, the statistics helped immensely in establishing the fraud perpetuated by the firm against the country.
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