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.
Oye described Fagbemi as a lawyer whose contribution to Nigeria extended beyond courtroom advocacy to the protection of the public purse and the restoration of confidence in the country’s institutions.
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.
Oye said the outcome sent a clear message that Nigeria would honour genuine obligations but would not accept claims based on fraud, opportunism or attempts to deplete the country’s commonwealth.
He also pointed to the recent Sunrise Power arbitration, where the International Chamber of Commerce tribunal in Paris rejected claims relating to the Mambilla Hydroelectric Power Project, which had exposed Nigeria to potential claims running into billions of dollars.
According to Oye, 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.
He added that the European Dynamics arbitration provided another example, with all claims against Nigeria relating to the national e-procurement project dismissed.
He stressed that the significance of the cases went beyond the figures, arguing that the outcomes represented 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.
Oye, who said he had worked closely with Fagbemi in a separate matter involving the Economic and Financial Crimes Commission, also described the minister as a public official who would not compromise evidence or allow influence and status to override accountability.
He said the matter eventually resulted in an agreement in which defendants acknowledged wrongdoing, settled the case and committed to refund several millions of dollars to victims.
According to Oye, such interventions demonstrated the character of Fagbemi as a lawyer committed to justice, restitution and institutional integrity.
He argued that any assessment of the Tinubu administration’s record in rule of law, economic stewardship and institutional renewal should recognise Fagbemi’s contribution.
He added that the P&ID and Sunrise outcomes should be viewed as milestones in the restoration of national confidence, economic security and respect for the rule of law.
Oye said Nigeria did not need to seek fear or confrontation internationally, but should be respected as a country capable of defending its lawful interests and protecting its citizens and public resources.
He described Fagbemi’s contribution as evidence that public service through the law was ultimately about protecting the Republic rather than personal recognition.
The statement reads: “There are advocates whose brilliance is heard in the force of their submissions. There are rarer advocates whose greatness is measured in the public institutions they leave stronger, the public purse they help secure, and the confidence they restore to a people. Prince Lateef Olasunkanmi Fagbemi, SAN, belongs unmistakably to the latter class.
“For three decades in the Inner Bar, he has shown that distinction need not advertise itself. His is not the noisy brilliance that competes for applause. It is the quiet, disciplined and exacting excellence of a lawyer who prepares, a public servant who understands the weight of office, and a patriot whose integrity is not for sale. In an age too often tempted to mistake visibility for achievement, Prince Fagbemi has made humility a form of strength and silence a companion of results.
“His appointment as Attorney-General of the Federation and Minister of Justice came at a moment when Nigeria needed not merely a lawyer of standing, but a custodian of national resolve. He brought to that office a simple but profound proposition: Nigeria will honour every genuine obligation, but it will no longer yield to fraud, opportunism or the casual depletion of its commonwealth.
“The P&ID matter stands as the defining symbol of that resolve. The arbitral awards, which had grown beyond US$11 billion with interest, carried the potential to inflict grave injury on the nation’s economic stability and international standing. The successful challenge was built over years by a determined Nigerian coordinating, investigative and legal team; credit belongs to that national effort. Yet Prince Fagbemi’s stewardship during the decisive period and aftermath gave the victory its necessary institutional firmness. He refused the counsel of expediency, stood against accommodation with alleged fraud, and helped ensure that Nigeria defended both its treasury and its honour. The award was set aside after the English court found fraud and grave abuse of the arbitral process. Nigeria also recovered its US$200 million security deposit and US$10 million in costs.
“The significance of that moment cannot be overstated. P&ID was not simply a case about money. It was a test of whether Nigeria would remain an easy mark in international dispute resolution. The answer, under this administration’s legal leadership, has been unmistakable: Nigeria is available for honest commerce, but not for organised extraction.That answer was affirmed afresh in the Sunrise Power arbitration. On September, the ICC tribunal in Paris rejected Sunrise’s related claims arising from the Mambilla Hydroelectric Power Project, claims that had placed Nigeria’s stated potential exposure at more than US$3.38 billion. The tribunal also ordered substantial reimbursement of Nigeria’s legal costs. This was no routine technical success. It removed a major legal obstruction to a project central to Nigeria’s development and demonstrated a State willing to investigate, prepare, call evidence and defend its lawful interests without timidity.
The pattern extends further. In the European Dynamics arbitration, every claim of approximately US$6. 2 million against Nigeria over the national e-procurement project was dismissed. Taken together, the P&ID, Sunrise and European Dynamics matters concerned more than US$14.3 billion in stated claims or potential exposure. They are not simply figures for celebration; they represent public resources kept from avoidable loss, national projects freed from debilitating uncertainty, and a warning to those who once assumed that a claim against Nigeria was a claim without consequence.”
Oye continued: “I have witnessed Prince Fagbemi’s character at close range. In a matter in which I worked with him and the Economic and Financial Crimes Commission, the defendants’ connections were formidable. But he would not bend the evidence to influence, nor permit stature to displace accountability.
