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 money laundering offences.
Justice Okorowo therefore ordered the winding up of the two companies and the forfeiture of their entire assets to the Federal Government of Nigeria.
The judge had adjourned the two separate cases filed by the Economic and Financial Crimes Commission (EFCC) against the companies and a British national for judgment on May 6.
Following the adoption of their final written addresses and submissions by EFCC counsel Bala Sanga and defence lawyer Michael Ajara, Justice Okorowo set the date for the judgment.
During the trial, Nolan, a director at P&ID Ltd, and the two companies absconded, prompting amendments to the charges. The EFCC subsequently requested that Nolan be tried in absentia and declared him wanted, issuing an order for his arrest wherever he may be found.
Earlier reports indicated that the EFCC was prosecuting Trinity Biotech Nigeria Limited and Nolan in case number FHC/ABJ/CR/272/2022, with Resorts Express Concept Nigeria Ltd and Corrado Fantoli as first and second defendants in case number FHC/ABJ/CR/273/2022 before Justice Okorowo.
Fantoli, also linked to the alleged $9.6 billion P&ID fraud alongside Nolan, remained at large and was arraigned in absentia on November 25, 2022, on eight counts of money laundering. He neither appeared in court nor was represented by legal counsel during arraignment.
The court declared Fantoli wanted and ordered his arrest upon application by Sanga. Fantoli, along with Giovanna Beccarelli, also wanted with an arrest warrant issued against her, were identified as directors and signatories to Resorts Express Concept Nigeria Ltd’s Guaranty Trust Bank (GTB) account number: 0123849451.
Resorts Express Concept Nigeria Ltd and Trinity Biotech Nigeria Limited were among over 30 companies implicated in the $9.6 billion scam. Other related cases are currently pending before Justice Obiora Egwuatu, Justice Peter Lifu of the Federal High Court Abuja, and other courts in the Federal Capital Territory.
In 2010, Process & Industrial Developments (P&ID) secured a 20-year contract from Nigeria to construct and operate a gas processing facility in Calabar, Cross River state. P&ID alleged that Nigeria failed to fulfill its obligations under the agreement, leading to the project’s collapse.
In response, P&ID initiated legal proceedings, claiming breach of contract by Nigeria. This dispute culminated in an arbitration award in favor of P&ID, issued on January 31, 2017, demanding Nigeria to pay $6.6 billion in damages, alongside pre- and post-judgment interest at 7%. Throughout the legal process, Nigerian government lawyers accused P&ID executives of resorting to bribery to secure the contract, a claim vehemently denied by P&ID as unfounded.
Subsequently, in October 2023, Justice Robin Knowles of the Business and Property Court in London overturned the $11 billion award against Nigeria. Justice Knowles ruled that the award had been obtained fraudulently and was contrary to public policy, thereby dismissing the substantial financial demand previously imposed on Nigeria by the arbitration tribunal.