In a significant development concerning the notorious $9.6 billion Process and Industrial Developments Limited (P&ID) fraud case, Justice Emeka Nwite of the Federal High Court, Abuja, has issued orders for the closure of two companies associated with James Nolan, a British national involved in the scandal.
The two companies, Trinity Biotech Nigeria Limited and Resorts Express Concept Nigeria Ltd., have been implicated in money laundering activities related to the P&ID scam. Nolan, alongside Corrado Fantoli, faced charges for their roles in the elaborate fraud scheme, which has implicated over 30 companies.
Justice Donatus Okorowo, in separate judgments, found the companies guilty of money laundering offenses. Consequently, he ordered the winding up of both entities and the forfeiture of their assets to the federal government. The Economic and Financial Crimes Commission (EFCC) has been at the forefront of prosecuting these cases, highlighting the complexity and international dimensions of the investigation.
James Nolan, a central figure in the P&ID saga, has faced multiple legal challenges. Earlier, a federal high court had revoked his bail and issued a bench warrant for his arrest after he failed to appear in court.