$9.6bn judgment debt:Court orders forfeiture of P&ID’s assets to FG

.Firm accused of economic sabotage, money laundering, tax evasion

.Pleads guilty to all charges

In the aftermath of a British Court $9.6 billion judgment against Nigeria, the Federal High Court in Abuja on Thursday ordered the forfeiture of assets belonging to Process & Industrial Development Limited (P&ID) in Virgin Island and its Nigeria associate, Process & Industrial Development Nigeria Limited to the Federal Government.

Justice Inyang Ekwo gave the order of forfeiture following the conviction of the firms on an 11 -count charge bordering on economic sabotage, money laundering and tax evasion amongst others proffered against them by the Federal Government.

At the arraignment on Thursday, the parent company, P&ID Limited, 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 11-count charge against them and the court consequently, convicted them based on their plea of guilt.

After their conviction, counsel to the first defendant, Dandison Akurunwa, in his plea for mercy, prayed the court to take into account the cooperative antecedent of the first defendant who did not waste the time of the court in admitting their guilt in the charge.

The second defendant’s representative, Adamu Usman, who represented himself in court, aligned himself with the submission of counsel to the first defendant.

On his part, the prosecution counsel, Bala Sanga urged the court to deliver its sentencing in line with the provisions 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.

Justice Ekwo in his sentencing made an order winding up the two firms as well as forfeiture of their assets to the Federal Government.

The dispute between the P&ID and the Federal Government over a controversial gas processing supply agreement degenerated in June with a British Commercial Court awarding the sum of $9.6 billion against Nigeria for the failed contract in 2010 between P &ID and the Ministry of Petroleum Resources.

But, the Federal Government on its part has maintained that the entire gas supply and processing agreement signed between Nigeria’s Ministry of Petroleum and P&ID in 2010 was deliberately skewed to fail so as to benefit a syndicate that is out to extort Nigeria of its resources.

P&ID had in 2012 instituted the legal battle against Nigeria in the Court of Arbitration in the UK in 2012, following Nigeria’s refusal to carry on with the gas supply processing agreement entered into with the firm in 2010.

The Federal Government has since discovered that the P&ID gas processing supply agreement was shrouded in fraud and it has began to prosecute the alleged suspects for the alleged crimes.

The charges levelled against the P&ID include lying that the Cross River State government had allocated land to it for the construction of the gas supply plant, in order to obtain crude oil supplies and conspiring with yet to be named public officials to commit felony by dealing in petroleum products without appropriate licence contrary to Section 8(a) and punishable under Section (1) (3) of the Advanced Fee Fraud and other Offences Act, 2006 and Section 3 (6) of the Miscellaneous Offences Act, 2004 and punishable under Section 1(17) of the same Act.

NB: Box charges below on inside page besides the story

The charges leveled against P&ID

. That you, Processes and Industrial Developments Limited (Nigeria) being a company Incorporated in the British Virgin, Island, Process and Industrial Development (Nigeria) Ltd, Michael Quinn (deceased), Neil Hitchcock (deceased), and Brendan Cahill (at large) on or about the 11th day of January 2010 in Abuja within the jurisdiction of this court with intent to defraud, conspired to obtain benefit to wit: Petroleum Product from the Federal Government of Nigeria by falsely representing to the Federal Government of Nigeria through the Ministry of Petroleum Resources, that Process Development Ltd was allocated land by the Cross River state government which representation you know to be false thereby committed an offence contrary to section 8(a) and punishable under section (1) (3) of the Advanced Fee Fraud and other Offences Act, 2006.

. That you, Processes and Industrial Developments Limited being a company incorporated in the British Virgin Island, Process and Industrial Developments (Nigeria) Limited, Michael Quinn (deceased), Neil Hitchcock (deceased) and Brendan Cahill (at large) on or about the 11 of January, 2010 in Abuja within the jurisdiction of this Honourable Court conspired with certain officials of Nigerian Government to commit felony to wit: dealing in Petroleum Product without appropriate licence and thereby committed an offence contrary to section 3(6) of the Miscellaneous Offences Act Cap M17, Laws of the Federation of Nigeria 2004 and punishable under section 1(17) of the same Act.

. That you, Process and Industrial Development Limited, being a company Incorporated in the British Virgin Island, Process and Industrial Developments (Nigeria) Limited, Michael Quinn (deceased), Neil Hitchcock (deceased) and Brendan Cahill (at large) between January, 2010 and March 2013 in Abuja within the jurisdiction of this Honourable Court attempted to deal in Petroleum product without appropriate licence and thereby committed an offence contrary to section 1(19) of the Miscellaneous Offences Act Cap M17, Laws of the Federation of Nigeria 2004 and punishable under section 1(17) of the same Act.

That you, Process and Industrial Developments Limited being a company incorporated in the British Virgin Island, Process and Industrial Developments (Nigeria) Limited, Michael Quinn (deceased), Neil Hitchcock (deceased) and Brendan Cahill (at large) on or about the 11‘” day of January, 2010 in Abuja within the jurisdiction of this Honourable Court influenced the award of Gas Supply and Processing Contract to Process and Industrial Developments Limited incorporated in the British Virgin Island when you falsely claimed that Processes and Industrial Developments Limited incorporated in the British Virgin Island was already allocated land by the Cross River State Government and you thereby committed an offence contrary to section 58 (4) of the Public Procurement Act 2007 and punishable under section 58(6) of the same Act.

. That you, Process and Industrial Development Limited being a company incorporated in the British Virgin Island, Process and Industrial Developments (Nigeria) Limited, Michael Quinn (deceased), Neil Hitchcock (deceased) and Brendan Cahill (at large) between August 2006 and August, 2010 at Abuja within the Abuja Judicial Division of the Federal High Court, conspired amongst yourselves to launder proceeds of unlawful act to wit: Tax Evasion and and you thereby committed an offence contrary to section 18 and punishable section 15(2)(b)(3) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No.1 of 2012).

. In count seven, they were said to have between August 2006 and December 2006 concealed the unlawful origin of the sum of N1, 856, 503.50 through the Guaranty Trust Bank Plc Account No: 3223250230110 operated by Process and Industrial Developments (Nigeria) Limited, when you reasonably ought to have known that the said fund formed part of the proceed of your unlawful act to wit: Tax Evasion and you thereby committed an offence contrary to section 15(2)(a) and punishable under section 15(3) of the Money Laundering (Prohibition Act, 2011 (as amended by Act No: 1 of 2012.

. In count eight, the prosecution accused the defendants of concealing the sum of N3, 923, 237.65 and you thereby committed an offence contrary to section 15(2)(a) and punishable under section 15(3) of the Money Laundering (Prohibition Act, 2011 (as amended by Act No: 1 of 2012.

. In count nine, the defendants were said to have concealed the sum of N2, 290, 472.50, thereby committed an offence contrary to section 15(2)(a) and punishable under section 15(3) of the Money Laundering (Prohibition Act, 2011 (as amended by Act No: 1 of 2012.

.While in count 10, the defendants were accused of concealing the sum of N1, 414, 955.50, thereby committed an offence contrary to section 15(2)(a) and punishable under section 15(3) of the Money Laundering (Prohibition Act, 2011 (as amended by Act No: 1 of 2012.