By Adedapo Adesanya
Justice Emeka Nwite of the Federal High Court, Abuja, has ordered the closure of two companies linked to the Process and Industrial Developments Limited (P&ID) fraud case, which has one of the suspects, Mr James Nolan, a British national, at large.
In two separate judgments, Justice Donatus Okorowo held that the two companies were found guilty of the money laundering offences.
He also ordered that the companies be wound up and their assets be forfeited to the federal government.
Recall that the Economic and Financial Crimes Commission (EFCC) is prosecuting Trinity Biotech Nigeria Limited and Nolan as well as Resorts Express Concept Nigeria Limited and Mr Corrado Fantoli as the first and second defendants.
Mr Fantoli, an associate of Mr Nolan, was one of the suspects behind the alleged $9.6 billion P&ID fraud.
Mr Nolan was arraigned in absentia on November 25, 2022, on an eight-count money laundering charge.
He was neither present in court nor represented by a lawyer when they were arraigned.
The court declared him wanted and ordered his arrest anywhere he was sighted after an application by the EFCC counsel.
Resorts Express Concept Nigeria Limited and Trinity Biotech Nigeria Limited are two of the over 30 companies associated with the $9.6 billion P&ID scam.
Meanwhile, Mr Nolan is standing trial on different charges before different judges.
A federal high court in Abuja revoked his bail in September 2022 and issued a bench warrant for Mr Nolan’s arrest after he failed to appear in court.
P&ID was contracted by Nigeria in 2010 to build a gas processing plant in Calabar, Cross River State, in the country’s south but the deal fell through because the Nigerian government did not keep its half of the bargain.
Claiming Nigeria breached the terms of the contract, P&ID took a legal recourse and secured an arbitral award against the country.
On January 31, 2017, a tribunal ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre-and post-judgment interest at seven per cent ($1 million per day)
Following the judgment, Nigeria applied for an extension of time and relief from sanctions, and over the years, the penalty amounted to $11 billion.
Nigeria then sued P&ID for at least £20 million in damages and legal fees but obtained significant relief in October when the UK court released it from entanglement in the $11 billion judgment debt previously issued in favour of P&ID Limited.
In October 2023, the Commercial Courts of England in the United Kingdom granted Nigeria’s victory in an $11 billion suit and ordered P&ID Limited to pay £20 million in damages and compensation.
Modupe Gbadeyanka