Court Orders Forfeiture of P&IDs Assets Over $9.6bn Liability


The Federal High Court sitting in Abuja had on Thursday, 19th September 2019, granted the request by the Federal Government of Nigeria to seize all assets belonging to P&ID Limited, Virgin Island and its Nigerian affiliate, P&ID Nigeria Limited.


It was gathered that the two firms were found guilty on the 11-count charges of tax evasion and money laundering brought against them by the Economic and Financial Crimes Commission (EFCC) and convicted accordingly by the court.

The firms were linked to the controversial gas supply contract that led to the British Court’s judgment ordering the seizure of Nigeria’s foreign assets worth $9.6billion.

Also, the companies involved had through their representatives, pleaded guilty to all the charges brought against them by the EFCC.

While P&ID Ltd, Virgin Island was represented by its Commercial Director, Mohammad Kuchazi, the P&ID Nigeria Limited was represented by its lawyer, Adamu Usman.

In its submission by the EFCC, the firms fraudulently claimed to have acquired land from the Cross River State Government in 2010 for the gas supply project agreement that resulted in the $9.6bn judgment debt.

Delivering the judgement, Justice Inyang Ekwo held that the firms having admitted to the crime, he had no option than to convict them accordingly.

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 the Federal Government to wind up the two firms and confiscate all their assets found in any part of Nigeria.