Politics

Court orders P&ID to forfeit assets to Nigerian Government over contract fraud

President Muhammadu Buhari

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.

2 Comments

2 Comments

  1. Pingback: P&ID rejects Abuja Court ruling, says it’s a sham; denies representatives - Naija Buzz News

  2. Pingback: $9.6billion judgement: Malami, Lai, IGP, Emefiele, Magu, led Federal Government team to the UK - Naija Buzz News

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