$9.6bn judgment debt: court orders forfeiture of P&ID firm’s assets

Justice Inyang Ekwo of the Federal High Court sitting in Abuja on Thursday ordered the forfeiture of assets belonging to Process and Industrial Development Limited (Incorporated in Virgin Island) and its Nigerian affiliate, P&ID Nigeria Ltd in the country.

The order of forfeiture was made following the conviction of the firms on an 11-count charge bordering on economic sabotage, money laundering, tax evasion amongst others proffered against them by the federal government.

The court equally issued an order winding up the activities of the two companies in Nigeria after finding them guilty.

P&ID Ltd, the parent company incorporated in the British Virgin Island was represented by its Commercial Director, Mohammad Kuchazi, while P&ID Nigeria Limited was represented by Adamu Usman.

The defendants pleaded guilty to all the charges filed against them and the court consequently convicted them based on their plea of guilt.

After their conviction, counsel to the first defendant, Dandison Akurunwa, prayed the court to consider the cooperation showed by the first defendant in not wasting the time of the court and for admitting guilt in the charge.

Similarly, the second defendant, whose representative stood for himself, aligned himself with the submission of counsel to the first defendant.

However, prosecution counsel, Bala Sanga urged the court to deliver its sentencing in line with the provision of the Money Laundering Act which stipulates the winding up of the firm as well as forfeiture of all their assets to the federal government.

The trial Judge, accordingly made an order winding up the two firms as well as forfeiture of their assets to the federal government.

After the defendants pleaded guilty to the 11 counts, an EFCC investigator, Usman Babangida, was called to the witness box for review of facts which was not opposed by the defence.

In the course of the exercise, the Investigator tendered some documents relating to the controversial 2010 gas supply contract and EFCC’s investigation activities were tendered and admitted by the judge as exhibits without objection from the defence.

The judge then went on to pronounce the two firms represented by the two men guilty.

Although, the prosecution counsel, Sanga had commended the defendants for their forthrightness and candor, he submitted that under section 19 (2) of the Money Laundering Prohibition Act and section 10(2) of the Advanced Fee Fraud, where a body is convicted under these laws, the proper order is for the winding up its affairs and forfeiture of its assets and property to the Federal government.

Earlier in their allocutus (plea for mercy), the defendants prayed the court to consider their candor and uprightness and for not wasting the time of the court in arriving at its judgment.

Counsel for P&ID, Dandison Akurunwua, urged the judge to consider “the forthrightness and candor” of his client by pleading guilty and not wasting the time of the court in the trial.