Court approves appointment of liquidator for P&ID

Justice Inyang Ekwo of the Federal High Court, Abuja, on Friday approved the appointment of a Federal Government’s liquidator for Process and Industrial Developments (Nigeria) Limited.

The judge gave the approval after the federal government’s lawyer, Bala Sanga, made a presentation on the matter in court.

The P&ID liquidator is an Abuja-based law firm, Messrs Christie Makar of Lexfield Chambers.

The liquidator is expected to help the federal government to trace and secure all P&ID Nigeria assets and property which the court had ordered to be forfeited to the government after its conviction in 2019.

The Economic and Financial Crimes Commission (EFCC) had arraigned P&ID and its Nigerian affiliate over the companies’ unlawful conduct on the controversial Gas Supply Project Agreement in 2010 for which a British court awarded $9.6billion damages against Nigeria in 2019.

The court convicted the firms for infractions in the GSPA on September 19, 2019.

READ ALSO: P&ID: UK court orders release of $200m guarantee to Nigeria

On the liquidator, Justice Ekwo said: “An order is hereby made that the terms of appointment of the said Messrs Christie Makar shall be as contained in the Deed of Appointment dated 12° December, 2019

“An order is hereby made that Process and Industrial Developments (Nigeria) Limited (P&ID Nigeria) is a debtor to the Federal Government of Nigeria upon its assets having been forfeited to the Federal Government of Nigeria wherever situate or found as at 19th September 2019.

“The complainant/applicant is hereby ordered to file the order convicting and winding-up Process and Industrial Developments (Nigeria Limited (P&ID Nigeria) with the Corporate Affairs Commission, forthwith.

“The complainant/applicant is hereby ordered to file the Deed of Appointment of the liquidator of Process and Industrial Developments (Nigeria) Limited (P&ID Nigeria), dated 12th December 2019 with the CAC forthwith.”

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