$9.6bn contract fraud: P&ID pleads guilty to 11-count charge

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The Economic and Financial Crimes Commission, EFCC on Thursday, arraigned two firms, including P&ID, in Abuja which were linked to the controversial oil contract that led to the judgement of the British Court.

The firms, P&ID Ltd, Virgin Island and its Nigerian affiliate, P&ID Nigeria Ltd, pleaded guilty to the 11-count charge which bordered on fraud and tax evasion, Vanguard reports.

The British Council in a judgement against Nigeria had ordered the seizure of Nigeria’s foreign assets worth $9.6billion.

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The firms, through their representatives, admitted all allegations levelled against them by the Federal Government. While P&ID Ltd, Virgin Island was represented by its Commercial Director, Mohammad Kuchazi, P&ID Nigeria Limited was represented by a lawyer, Adamu Usman.

Amongst other things, the firms were alleged of fraudulently claiming to have acquired land from the Cross River State Government in 2010 for the gas supply project agreement that resulted in the $9.6bn judgment debt.

 

Source: Vanguard

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