Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, has been credited with playing a key role in legal battles that helped Nigeria defend more than $14.3 billion in stated claims or potential exposure in three major international arbitration matters.
The cases involved Process & Industrial Developments (P&ID), Sunrise Power and European Dynamics.
Dele Kelvin Oye, Principal Partner of Dele Oye & Associates and Chairman of Alliance for Economic Research and Ethics, said in a tribute to Fagbemi.
In the tribute dated September 18, 2026, Oye said Fagbemi’s stewardship during the decisive stages of the cases helped strengthen Nigeria’s legal position and protect public resources.
The P&ID case involved arbitral awards that had grown to more than $11 billion with interest.
Oye said the case posed a significant potential financial burden to Nigeria before the award was successfully challenged.
“The P&ID matter stands as the defining symbol of that resolve,” Oye said, referring to what he described as Fagbemi’s approach to protecting Nigeria’s interests.
He said the successful challenge was the result of a wider Nigerian coordinating, investigative and legal effort, while crediting Fagbemi’s role during the decisive period and its aftermath.
The award was set aside after an English court found fraud and serious abuse of the arbitration process, according to the tribute.
Nigeria also recovered its $200 million security deposit and received $10 million in costs, Oye said.
The P&ID dispute involved a contract connected to a gas-processing project. The reference to Nigeria no longer being an “easy mark” means, in the context of the tribute, that the country would subject large claims against it to greater scrutiny and defend itself more actively.
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Sunrise Arbitration Rejects $3.38bn Claims
Oye also highlighted the Sunrise Power arbitration, which he said was decided by an International Chamber of Commerce tribunal in Paris on September 17, 2026.
According to him, the tribunal rejected Sunrise’s related claims arising from the Mambilla Hydroelectric Power Project, with the claims placing Nigeria’s stated potential exposure at more than $3.38 billion.
The tribunal also ordered substantial reimbursement of Nigeria’s legal costs, Oye said.
He described the outcome as significant because the dispute had been linked to a project he identified as central to Nigeria’s development.
“This was no routine technical success,” Oye said, adding that the outcome removed what he described as a major legal obstruction to the project.
He said the case demonstrated Nigeria’s willingness to investigate claims, prepare its defence, present evidence and defend its legal interests.
The tribute also cited the European Dynamics arbitration, in which all claims of approximately $6.2 million against Nigeria over the national e-procurement project were dismissed.
Taken together, Oye said the three matters involved more than $14.3 billion in stated claims or potential exposure.
He said the cases represented public resources that were preserved from potential loss and projects that were freed from prolonged legal uncertainty.
Tribute links Fagbemi to wider legal reforms
Oye also highlighted Fagbemi’s involvement in a separate matter involving the Economic and Financial Crimes Commission, saying he had witnessed the minister’s approach to a case involving defendants with significant connections.
According to Oye, Fagbemi refused to allow the defendants’ status or influence to affect the handling of evidence.
Through investigation, engagement and restitution efforts, Oye said an agreement was reached under which the defendants acknowledged wrongdoing, settled the matter and committed to refund several millions of dollars to victims.
Describing Fagbemi’s broader record, Oye said his contribution to the Tinubu administration extended to rule of law, economic stewardship and institutional renewal.
“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 said.
Oye said much of Fagbemi’s work had occurred through legal briefs, government instructions, litigation decisions and other institutional processes rather than public events.
He said the minister’s record reflected an approach in which Nigeria’s legal rights and public resources were defended through evidence and legal processes.
The tribute concluded by linking the P&ID and Sunrise cases to what Oye described as a broader change in Nigeria’s approach to international arbitration.
“P&ID and Sunrise are more than arbitration victories. They are milestones in the restoration of national confidence, economic security and constitutional order,” Oye said.
He added that the cases demonstrated that Nigeria could defend its interests through the law and credited Fagbemi with contributing to that effort.
“Prince Lateef Olasunkanmi Fagbemi, SAN: thank you for proving that the highest service of the law is not self-celebration, but the protection of the Republic,” Oye added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X