$9.6bn contract fraud: P&ID’s officials plead guilty to 11-count charge

The Economic and Financial Crimes Commission (EFCC) on Thursday, arraigned two firms that 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.

Meanwhile, the firms, P&ID Ltd, Virgin Island and its Nigerian affiliate, P&ID Nigeria Ltd, pleaded guilty to the 11-count which bordered on fraud and tax evasion. The companies admitted all the allegations FG levelled against them through their representatives.

While P&ID Ltd, Virgin Island was represented by its Commercial Director, Mohammad Kuchazi, P&ID Nigeria Limited was represented by a lawyer, Adamu Usman. They were among other things, alleged to have fraudulently claimed to have acquired land from the Cross River State Government in 2010 for the gas supply project agreement that resulted to the $9.6bn judgment debt.

In his judgement, trial Justice Inyang Ekwo held that the firms having admitted to the crime, he had no option than to impose the full weight of the law against them. Relying on provisions of section 19(2) of the Money Laundering Prohibition Act, 2011, and section 10(2) of the Advance Fee Fraud and other related offences Act, 2006, the court ordered FG to wind up the two firms and confiscate all their assets and properties in the country.

Source – Vanguard

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