Oye: Fagbemi’s Hardwork Saved Nigeria $14bn in Arbitration Claims

Nigeria's Attorney-General, Prince Lateef Fagbemi (SAN), has been lauded for his efforts in preventing the country from facing over $14 billion in international arbitration claims, according to Dele Oye, Chairman of the Alliance for Economic Research and Ethics. Oye's tribute, titled "When the Republic Found Its Voice," highlighted Fagbemi's role in protecting Nigeria's economic interests against significant international disputes.

The cases cited included the P&ID, Sunrise Power, and European Dynamics cases, which collectively involved more than $14 billion in potential claims or exposure. These outcomes not only bolstered Nigeria's legal standing but also safeguarded public resources. Oye emphasized that Fagbemi's contribution extended beyond courtroom advocacy to protecting the public purse and restoring confidence in the country's institutions.

The P&ID case, in particular, was significant as it could have caused substantial damage to Nigeria's economic stability and international reputation. However, the International Chamber of Commerce tribunal in Paris dismissed the related claims, including an order for substantial reimbursement of Nigeria's legal costs. Similarly, the Sunrise Power arbitration dismissed all claims against Nigeria, removing a major legal obstacle to a project crucial to the country's development.

The European Dynamics arbitration dismissed all claims against Nigeria, also totaling approximately $6.2 million. Oye described Fagbemi as a lawyer who would not compromise evidence, allowing influence and status to override accountability, and whose interventions resulted in agreements where defendants acknowledged wrongdoing and committed to refund millions of dollars to victims.

These achievements underscore Nigeria's commitment to defending its lawful interests, protecting its citizens, and upholding the rule of law.