JUST IN: Court Orders Assets Forfeiture, Closure Of P&ID Operations
The Federal High Court in Abuja on Thursday ordered the forfeiture of assets and closure of operations of the Process and Industrial Development Limited (P&ID).
The Economic Financial Crimes Commission (EFCC) arraigned the P&ID Ltd, Virgin Island, its Nigerian affiliate, P&ID Nigeria Ltd on 11 counts of fraud and tax evasion, which they pleaded guilty to.
The firms were linked to the controversial oil contract (P&ID) that led to the judgement of the British Court that ordered the seizure of Nigeria’s foreign assets worth $9.6billion.
P&ID Ltd, Virgin Island was represented by its Commercial Director, Mohammad Kuchazi, P&ID Nigeria Limited was represented by Adamu Usman, who is also a lawyer.
Delivering the judgement, Justice Inyang Ekwo ordered the closure of (P&ID) operations.
He also held that the second defendant, P&ID Nigeria Limited, forfeits its assets to the Federal Government of Nigeria.
“An order is hereby made for the second convict to be wound up and its assets forfeited to the Federal Government,” Justice Ekwo ruled.
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