Chairman of the Alliance for Economic Research and Ethics, Dele Oye, has commended the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, for his role in protecting Nigeria from over $14 billion in major international arbitration claims. Oye stated that Fagbemi's handling of international disputes has shown that Nigeria can no longer be treated as an easy target in international arbitration. This was contained in Oye's tribute to Fagbemi titled: “When the Republic Found Its Voice.”
Oye cited the P&ID, Sunrise Power, and European Dynamics cases as examples of a stronger and more determined legal defence of Nigeria's economic interests. These cases collectively involved over $14 billion in stated claims or potential exposure, making their outcomes significant for Nigeria's legal standing and public resource protection. The Attorney-General's efforts have demonstrated a commitment to protecting the country's economic interests and public resources.
The P&ID case was particularly significant, as the arbitral awards had risen to billions of dollars with interest, potentially causing serious damage to Nigeria's economic stability and international reputation. Oye described Fagbemi as a lawyer whose contribution to Nigeria extends beyond courtroom advocacy to protecting the public purse and restoring confidence in the country's institutions. His efforts have helped to safeguard Nigeria's economic interests and reputation.
The recent Sunrise Power arbitration, where the International Chamber of Commerce tribunal in Paris rejected claims relating to the Mambilla Hydroelectric Power Project, was another notable success. The tribunal's decision, including an order for substantial reimbursement of Nigeria's legal costs, removed a major legal obstacle around a project considered important to the country's development. This outcome has significant implications for Nigeria's economic growth and development.
The European Dynamics arbitration provided another example of Fagbemi's success, with all claims against Nigeria relating to the national e-procurement project dismissed. Oye stressed that the significance of the cases went beyond the figures, representing public resources protected from avoidable loss, national projects freed from prolonged legal uncertainty, and a stronger defence of Nigeria's interests in international dispute resolution. These outcomes demonstrate Fagbemi's commitment to protecting Nigeria's interests.
Oye, who worked closely with Fagbemi in a separate matter involving the Economic and Financial Crimes Commission, described the minister as a public official who would not compromise evidence or allow influence and status to override accountability. The matter resulted in an agreement where defendants acknowledged wrongdoing, settled the case, and committed to refunding millions of dollars to victims. This demonstrates Fagbemi's character as a lawyer committed to justice and institutional integrity.
Oye argued that any assessment of the Tinubu administration's record in rule of law, economic stewardship, and institutional renewal should recognise Fagbemi's contribution. The P&ID and Sunrise outcomes show that Nigeria is no longer an easy target in international arbitration, and Fagbemi's efforts have protected the country's public resources and economic interests. His contributions to Nigeria's institutional integrity and economic growth are noteworthy.
Key points
- Dele Oye praises Attorney-General Prince Lateef Fagbemi for saving Nigeria $14bn in international arbitration claims.
- Fagbemi's efforts have protected Nigeria's public resources and economic interests in several high-profile cases.
- The outcomes of the cases demonstrate a stronger and more determined legal defence of Nigeria's economic interests.
