CBN’s Pivotal Role in $11 Billion P&ID Victory Lauded by Former AGF

The former Minister and Attorney General of the Federation, Michael Aondoakaa, has commended the Central Bank of Nigeria (CBN) for its crucial role in Nigeria’s triumph over the $11 billion Process & Industrial Developments (P&ID) suit.

A UK court recently upheld Nigeria’s position that the gas processing contract with P&ID was fraudulently obtained.

Aondoakaa emphasized the significance of the CBN’s commitment to preventing the country from falling victim to fraudulent contracts and its dedication to transparency in transactions.

He credited the CBN, especially the then-Governor Godwin Emefiele, for saving Nigeria billions of dollars that could have been paid as an arbitral award to P&ID.

The former AGF revealed that Emefiele, despite strong pressure for a settlement, advised President Buhari against approval, firmly believing the contract was fraudulent and that P&ID would not succeed in court.

Aondoakaa highlighted Emefiele’s role in convincing the President to reject payment and pursue litigation, which ultimately favored Nigeria.

Aondoakaa also praised the Director of Legal Services at CBN, Kofo Salam-Alada, who played a crucial role as the Coordinator of the Federal Government of Nigeria (FGN) P&ID Team.

Salam-Alada acted as a liaison between UK lawyers and Nigerian law enforcement agencies, ministries, and the Vice President’s office, instilling confidence and support in presenting the case as fraudulent.

The victory in the P&ID case reflects the collaborative efforts of various entities, with the CBN playing a pivotal role in safeguarding Nigeria’s interests and financial resources.