Court Orders Closure Of Two Companies Linked To $9.6 Billion P&ID Scam

The Federal High Court in Abuja has ordered the shutdown of Trinity Biotech Nigeria Limited and Resorts Express Concept Nigeria Ltd, after they were indicted in the $9.6 billion Process and Industrial Development (P&ID) scandal.

Both companies were found guilty of money laundering and subsequently convicted on Wednesday, as reported by the News Agency of Nigeria.

In his ruling, Justice Donatus Okorowo mandated the dissolution of the companies and the forfeiture of their assets to the Federal Government of Nigeria, despite the absence of the defendants during the trial.

The Economic and Financial Crimes Commission (EFCC) had brought charges against the companies and their director, British national, James Nolan, who fled Nigeria after jumping bail.

Despite Nolan’s absence, the court proceeded with the trial and issued its verdict.

Justice Okorowo, in separate judgments, convicted the companies under the relevant money laundering statutes.

During the trial, the charges were amended following Nolan’s escape. The EFCC requested that Nolan be tried in absentia, leading to a declaration that he was wanted and an order for his arrest.

The EFCC prosecuted Trinity Biotech Nigeria Limited and Nolan under case number FHC/ABJ/CR/272/2022, and also pursued a related case against Resorts Express Concept Nigeria Ltd and Corrado Fantoli under case number FHC/ABJ/CR/273/2022.

Fantoli, a foreign associate of Nolan, was implicated in the P&ID fraud and also arraigned in absentia. Both he and Giovanna Beccarelli, another director and signatory to the company’s bank account, were declared wanted.

Resorts Express Concept Nigeria Ltd and Trinity Biotech Nigeria Limited are among over 30 entities linked to the $9.6 billion scam.

Other related cases are being handled by Justice Obiora Egwuatu and Justice Peter Lifu of the Federal High Court in Abuja, as well as additional charges in the FCT High Court.