Why Court Ordered PI&D, Nigerian Affiliate Shut Down

Makeitglobal.biz

A Federal High Court sitting in Abuja and presided over by Justice Inyang Ekwo ordered the winding up of the British Virgin Islands firm. Process and Industrial Development Limited and its Nigerian affiliate, P&ID Nigeria Limited.

The judge on Thursday convicted the companies of fraud and tax evasion with regard to the controversial contract which led to the judgment of a British court giving P&ID the authority to seize Nigerian assets worth about $9.6bn.

The court in its judgement ordered that the two firms lose their assets to the Nigerian government. The two firms through their representatives had earlier pleaded guilty to the 11 count-charge filed against them by the Economic and Financial Crimes Commission.

Following the admittance of their guilt, EFCC the investigator, Usman Babangida, recounted the facts of the case against them. The judge thereafter pronounced the firms guilty.