Justice Inyang Ekwo of the Federal High Court, Abuja on Thursday ordered the forfeiture of assets belonging to Process and Industrial Development limited to the federal government after two representatives of the company pleaded guilty to the charges preferred against them by the federal government.
P&ID Ltd, the parent company incorporated in the British Virgin Island, was represented at the court in Abuja by its Commercial Director, Mohammad Kuchazi, while P&ID Nigeria Limited was represented by Adamu Usman. Similarly, the second defendant, whose representative stood for himself, aligned himself with the submission of counsel to the first defendant.
Recall that a British Commercial Court had on August 16 awarded judgment in the sum of $9.6bn against Nigeria over a failed contract between P &ID and the Ministry of Petroleum Resources in 2010. 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 GSPA agreement entered with the firm in 2010.
Isn't this just a waste of time. Their assets in Nigeria is infinitesimal and not connected to the claims they just won against the govt.
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