P&ID case award would have crippled Nigeria’s economy — Fagbemi
Attorney General Lateef Fagbemi states the P&ID case award, based on compound interest, would have crippled Nigeria’s economy. He advocates for internation Read More: https://punchng.com/pid-case-award-would-have-crippled-nigerias-economy-fagbemi/
Lateef Fagbemi, Nigeria's Attorney General and Minister of Justice, has called for reforms to international arbitration rules to protect the sovereignty of nations involved in investor-state disputes. During the 2026 Chief Legal Advisors Forum in Singapore, Fagbemi emphasized the need for clearer rules regarding damage calculation in arbitration proceedings.
He highlighted Nigeria's experience with the P&ID case, where punitive damages awarded based on compound interest could have severely crippled the nation's economy if enforced. Fagbemi stressed that investors and states require fairness, predictability, and transparency in arbitration processes to maintain confidence and trust. He also disclosed that Nigeria had formed a committee of experts to review its bilateral investment treaties and commitments under multilateral treaties, aiming to strengthen investment protection while safeguarding national interests.
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