$9.6bn P&ID Fraud: Court Orders Closure of Two Companies

$9.6bn P&ID Fraud: Court Orders Closure of Two Companies

Justice Emeka Nwite of the Federal High Court, Abuja,  has ordered the closure of two companies linked to James Nolan, a British national, facing trial over his involvement in the Process and Industrial Developments Limited (P&ID) fraud.

In two separate judgments, Justice Donatus Okorowo held that the two companies were found guilty of the money laundering offences.

He Consequently ordered that the companies be wound up and their assets be forfeited to the federal government.

The Economic and Financial Crimes Commission is prosecuting Trinity Biotech Nigeria Limited and Nolan.

The commission is also prosecuting Resorts Express Concept Nigeria Ltd. and Corrado Fantoli as the first and second defendants.

Fantoli, 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 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 Ltd. and Trinity Biotech Nigeria Limited are two of the over 30 companies associated with the $9.6 billion P&ID scam.

Meanwhile, Nolan is standing trial on different charges before different judges.

A federal high court in Abuja had revoked his bail in September 2022, and issued a bench warrant for Nolan’s arrest after he failed to appear in court.

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