Victory in $11b P&ID UK case excites President, EFCC

The Nation Newspaper Victory in $11b P&ID UK case excites President, EFCC

yesterday applauded the judgment of a London court on the botched 2010 gas processing plant contract awarded to a firm, Process and Industrial Developments Limited .

Following the 2017 judgment in favour of P&ID, Nigeria applied for an extension of time and relief from sanctions. The EFCC said the judgment had vindicated its belief that the P&ID contract was a highly-orchestrated scam. “The defendants, both directors of Goidel Resources Limited, a Designated Non-Financial Institution and ICIL Limited, were docked on 32 counts of money laundering. Their trial still continues.”The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi , said the judgment was precedence against similar “fraudulent” cases targeting Nigeria’s assets.

“The arbitral award had over the years placed the assets of the FRN and those of its agencies all over the world at the risk of attachment, erosion of foreign reserves and distortion of monetary, fiscal and other policies of government with attendant dire consequences for Nigeria and its people,” Fagbemi said.

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