Mambila Project: Oye Hails Legal Team for Saving Nigeria over $14bn in Arbitration
Chairman of the Alliance for Economic Research and Ethics, Dele Kelvin Oye, has hailed the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, for his role in protecting Nigeria from more than $14 billion in major international arbitration claims.
Oye, in a tribute to Fagbemi titled “When the Republic Found Its Voice,” said the Attorney-General’s handling of major international disputes had demonstrated that Nigeria could no longer be treated as an easy target in international arbitration.
He cited the P&ID, Sunrise Power and European Dynamics cases as evidence of a stronger and more determined legal defence of Nigeria’s economic interests.
According to him, the cases collectively involved more than $14 billion in stated claims or potential exposure, making their outcomes significant not only for the country’s legal standing but also for the protection of public resources.
He said the P&ID case was particularly significant because the arbitral awards, which had risen to billions of dollars with interest, had the potential to cause serious damage to Nigeria’s economic stability and international reputation.
The successful challenge to the award, Oye noted, followed years of investigation and legal work by Nigerian authorities and their international legal team, with Fagbemi providing institutional leadership during the decisive period and its aftermath.
He said the English court ultimately set aside the award after finding fraud and grave abuse of the arbitral process, while Nigeria also recovered its security deposit and legal costs.