A Federal High Court in Abuja has ordered the closure of two companies linked to the alleged $9.6 billion Process and Industrial Development (P&ID) Ltd scandal.
The News Agency of Nigeria (NAN) reports that the two companies are Trinity Biotech Nigeria Limited and Resorts Express Concept Nigeria Ltd linked to the fleeing Briton, Mr James Nolan.
Justice Donatus Okorowo, in two separate judgements yesterday, held that the two companies were found guilty of the money laundering offences and were accordingly convicted under the same Act.
Okorowo, therefore, ordered that the two companies be wound up and their assets be forfeited to the Federal Government of Nigeria.
NAN reports that the judge had on May 6, adjourned the two separate charges filed by the Economic and Financial Crimes Commission (EFCC) against the two companies and the British national for judgment.
Justice Okorowo fixed the date after counsel to the EFCC, Bala Sanga, and the defence lawyer, Michael Ajara, adopted their final written addresses and made their submissions in the matters.
Although the charges were amended during the trial after Nolan, a director in P&ID Ltd and the two companies, jumped bail and fled Nigeria, the EFCC applied that Nolan should be tried in absentia.
Nolan was declared wanted, and an order was made for his arrest anywhere he was sighted.
NAN had earlier reported that the EFCC was prosecuting Trinity Biotech Nigeria Limited and Nolan as the first and second defendants in the case, with the charges marked FHC/ABJ/CR/272/2022.
Also, the commission was also prosecuting a sister case marked: FHC/ABJ/CR/273/2022 filed against Resorts Express Concept Nigeria Ltd and Corrado Fantoli as 1st and 2nd defendants respectively before Okorowo.
Fantoli, also a foreigner and an associate of Nolan, was one of the suspects behind the alleged $9.6 billion P&ID fraud.
The suspect, said to be at large, alongside the company, was arraigned in absentia on Nov. 25, 2022, on eight-count money laundering charge.
He was not present in court or represented by a lawyer when they were arraigned.
The court also declared him wanted and ordered his arrest anywhere he was sighted after Sanga made an application to the effect.
Fantoli and Giovanna Beccarelli, who had also been declared wanted and an arrest warrant issued against her, were said to be directors and signatories to the company’s Guaranty Trust Bank account number: 0123849451.
Resorts Express Concept Nigeria Ltd and Trinity Biotech Nigeria Limited are two of the over 30 companies associated with the $9.6 billion scam.
Other cases linked to the scandal are currently before Justice Obiora Egwuatu and Justice Peter Lifu of FHC, Abuja, as well as other charges at FCT High Courts.
In October 2023, a Business and Property Court in London, headed by Justice Robin Knowles of the Commercial Courts of England and Wales, quashed the 11 billion dollars awarded against Nigeria in a case filed by the P&ID.
Judge Knowles held that the award was obtained by fraud and that what had happened in the case was contrary to public policy.
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