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

Chairman of the Alliance for Economic Research and Ethics, Dele 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.

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 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 stressed.

According to him, the P&ID was not simply a case about money, but 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. In 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 $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 $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 $14.3 billion in stated claims or potential exposure,” Oye said.

According to him, these feats were achieved through patient investigation, principled engagement and insistence on restitution, helping to midwife an agreement in which the defendants acknowledged their wrongdoing, settled the matter, and committed to refund several millions of dollars to the victims. 

“This is why any fair account of the Tinubu administration’s achievements in the rule of law, economic stewardship and institutional renewal must include Prince Fagbemi’s contribution, “ he explained.

According to him, Nigeria need not seek to be feared for its own sake, but must be respected as a serious country that keeps faith with lawful commitments, scrutinises claims rigorously, protects its citizens and enforces its rights.

“Prince Fagbemi has helped move the Republic towards that posture. Under his watch, Nigeria is no longer a soft target; it is a serious legal actor, prepared to meet injustice with evidence, courage and the full discipline of the law.”

According to him, P&ID and Sunrise are therefore more than arbitration victories, but are milestones in the restoration of national confidence, economic security and constitutional order.

“They announce that there is law and order in Nigeria and that there are still public servants prepared to make that truth real,” Oye added.

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