The Federal High Court Abuja on Thursday convicted Industrial Development Limited and its Nigerian affiliate, P&ID Nigeria Limited, for charges of fraud and tax evasion in the matter of the contract leading to the recent controversial judgment of a British court, which empowered the firm to seize about $9.6bn worth of Nigerian assets.
Justice Inyang Ekwo, further ordered the starting of winding up proces of the two firms and the forfeiture of their “the assets and properties” to the Nigerian government.
The judge handed down the orders shortly after the two firms, through their representatives, pleaded guilty to the 11 counts preferred against them by the Economic and Financial Crimes Commission, EFCC.
P&ID Limited, incorporated in British Virgin Island, was represented by its Commercial Director, Mohammad Kuchazi, while P&ID Nigeria Limited was represented by Adamu Usman, who is also a lawyer by profession.
The two men pleaded guilty on behalf of the companies to all the 11 counts.
Kuchazi was represented by his lawyer, Dandison Akurunwua, while Usman represented himself.
The defendants were accused, inter-alia, of fraudulently claiming to have acquired land from the Cross River State Government in 2010 for the gas supply project agreement which led to the $9.6bn judgment.
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