The former Attorney-General of the Federation and Minister of Justice, Chief Michael Aondoakaa, commended the Central Bank of Nigeria (CBN) for its instrumental role in Nigeria’s victory in the $11 billion Process & Industrial Developments (P&ID) suit. P&ID had alleged breach of contract by the Nigerian government, leading to a $6.6 billion arbitral award in its favor. However, a UK court recently upheld Nigeria’s position that the contract was fraudulently obtained.
Aondoakaa emphasized that the victory would not have been possible without the commitment of various parties, particularly the CBN. He highlighted how the immediate-past governor of the CBN, Godwin Emefiele, played a crucial role in saving Nigeria billions of dollars that could have been paid as an arbitral award to P&ID.
Emefiele advised against settling the case, believing the contract was fraudulent and that P&ID would not succeed in court with competent legal representation. His steadfast stance ultimately contributed to Nigeria’s favorable outcome in the case.
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Chief Michael Aondoakaa also praised the significant contributions of Kofo Salam-Alada, the Director of Legal Services at the Central Bank of Nigeria (CBN). Salam-Alada played a crucial role as the Coordinator of the Federal Government of Nigeria (FGN) P&ID Team, serving as the main point of contact for all matters related to the P&ID case. He facilitated communication between the UK lawyers representing the FGN and various Nigerian entities, including law enforcement agencies, the Federal Ministry of Justice, the Ministry of Petroleum, and the Office of the Vice President. Salam-Alada’s expertise and coordination efforts were instrumental in presenting a strong case against P&ID, reinforcing the belief that the contract was fraudulent.