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Twist in $9.6bn P&ID judgment as Nigeria secures local Court order to seize firm’s assets

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A new twist has been added to the controversy between Nigeria and the Irish company, Process and Industrial Development (P&ID) which recently secured a $9.6bn P&ID judgment against Nigeria.

The company and its Nigerian affiliate, Process and Industrial Development Nigeria Limited have been ordered wounded up by a Federal High Court sitting in Abuja.

Justice Inyang Ekwo, who presided over an 11 count charge of fraud and tax evasion brought against representatives of P&ID, Process and Industrial Development Limited, Virgin Islands and Process and Industrial Development Nigeria Limited, also ordered that the properties of the companies be forfeited to the Federal Government.

The two companies pleaded guilty to the charges of fraud and tax evasion in respect of the contract leading to the recent controversial judgment of a British court empowering the firm to seize about $9.6bn worth of Nigerian assets.

Read also: Representatives of P&ID plead guilty to fraud and tax evasion charges

The judge made the orders shortly after the two firms, through their representatives, pleaded guilty to the 11 counts instituted against them by the Economic and Financial Crimes Commission (EFCC) on Thursday.

P&ID Limited incorporated in British Virgin Island was represented in the dock by its Commercial Director, Mohammad Kuchazi, who made appearance through his lawyer, Dandison Akunrunwua, while P&ID Nigeria Limited was represented by Adamu Usman, who is also a lawyer.

After the defendants pleaded guilty to the 11 counts, an EFCC investigator, Usman Babangida, was called to the witness box for review of facts which was not opposed by the defence.

Documents relating to the controversial 2010 gas supply contract and EFCC’s investigation activities were tendered and admitted by the judge as exhibits without objection from the defence.

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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