Court orders closure of two companies linked to $9.6bn P&ID scam

A federal high court in 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 delivered on Wednesday, Donatus Okorowo, the presiding judge, held that the two companies were found guilty of the money laundering offences.

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

The Economic and Financial Crimes Commission (EFCC) is prosecuting Trinity Biotech Nigeria Limited and Nolan in the case marked FHC/ABJ/CR/272/2022 as the first and second defendants.

In the sister case marked FHC/ABJ/CR/273/2022, the commission is also prosecuting Resorts Express Concept Nigeria Ltd. and Corrado Fantoli as the first and second defendants, respectively.

Fantoli, also a foreigner and 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, Bala Sanga.

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.