Court Orders Forfeiture of P&ID Assets to Federal Government

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A Federal High Court has ordered the forfeiture of assets owned by an Irish firm, the Process and Industrial Development (P&ID) to the Nigerian government

The court also convicted the suspects arraigned on allegations of fraudulent involvement in the 2010 contract between the Nigerian government and the firm worth $9.6b.

The court gave its ruling after the suspects on Thursday pleaded guilty to an 11-count charge filed by Economic Financial Crimes Commission (EFCC).

The charges, read out in court, related to money laundering, abuse of office and economic sabotage.

The court convicted Adamu Usman, a director of the firm in Nigeria and Muhammad Kuchazi for the offences mentioned in the 11 counts. It also convicted a commercial director with P&ID incorporated in the British Virgin Islands-based on the offences in the first ten counts which had his name.

READ ALSO: BREAKING: P&ID Pleads Guilty to Fraud, Tax Evasion

Deciding on the matter after the guilty plea, the judge Justice Inyang Ekwo said he had taken note of the guilty plea and the pieces of evidence tagged exhibits PW1a and P&ID.

He then convicted the accused based on the plea taken.

EFCC’s lawyer Bala Sanga argued that “where a corporate body is convicted of an offence, the court may order that all its assets be forfeited.”

“An order is hereby made that the assets of Process and Industrial Development company be forfeited to the Federal Government of Nigeria,” Justice Ekwo ruled.

“An order is hereby made for the second convict to be round up and his properties and assets forfeited to the Federal Government of Nigeria.”

The judge said the orders would be entered as the judgement of the court.

Samson Oyedeyi

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