Abubakar Malami, Nigeria's Attorney General of the Federation (AGF) and Minister of Legal, has claimed that the justice sector has prevented the nation's economy from completely collapsing, which would have happened if P&ID had been successful in executing a $10 billion arbitral award.
According to the AGF, the ministry's numerous recoveries had a significant impact on keeping the economy afloat.
Speaking at the Federal Ministry of Justice's first senior management retreat over the weekend in Kano, Malami claimed that the $311 million in recovered cash had been invested in crucial infrastructure projects like the Abuja-Kano and Lagos-Ibadan expressways as well as the second Niger bridge.
“On the economic front, we have been able to save our economy from total collapse, which would have been brought about if the P&ID had succeeded in enforcing an arbitral award of over US$ 10 billion.
“We have also ensured the restoration of our country to the path of growth and development through the settlement of the multibillion-dollar adverse claims on the Ajaokuta steel plant.
“Our asset recovery drive has secured the sum of US$322million, which enabled the federal government to embark on empowerment programmes, which have taken over 100million persons out of poverty as part of the national social investment programmes,” he added.