Justice Inyang Ekwo of the Federal High Court in Abuja has convicted Process and Industrial Development Limited of fraud and tax evasion.
The court also ordered the forfeiture of the assets and properties of the firm and its affiliate to the Nigerian Government.
The Economic and Financial Crimes Commission (EFCC) had filed an 11 counts charge against P&ID and its affiliate in respect of the contract leading to the recent judgement by a United Kingdom court ordering the seizure of $9.6billion worth of Nigerian assets.
The representatives of the companies, P&ID Limited and P&ID Nigeria Limited; Mohammad Kuchazi and Adamu Usman respectively pleaded guilty to the charges.
P&ID Limited and its Nigerian subsidiary were convicted after the EFCC presented as exhibits the report of its investigation on the gas supply contract to the judge. The defendants did not object. Consequently, the judge declared them guilty of the offences.
Ibrahim Kenneth Suleiman is the Chief Political Editor at Naija Buzz News Network. He is a graduate of political science from the prestigious Ahmadu Bello University Zaria, Kaduna State. He specializes in preparing/approving of political news contents before publication. He currently heads Naija Buzz News team of political correspondents. From Nasarawa State, North-Central Nigeria, Ibrahim is a strong supporter of Manchester United Football Club England.