Court mandates shutdown of 2 firms associated with $9.6bn P&ID fraud

An Abuja Federal High Court has issued an order for the shutdown of two companies, Trinity Biotech Nigeria Limited and Resorts Express Concept Nigeria Ltd, allegedly linked to the $9.6 billion Process and Industrial Development (P&ID) Ltd scandal.

The companies are associated with the fleeing Briton, Mr. James Nolan. Justice Donatus Okorowo, in separate judgments, found the companies guilty of money laundering offenses and convicted them accordingly.

Justice Okorowo ruled that the two companies should be wound up, and all their assets forfeited to the Federal Government of Nigeria. The judgment follows the Economic and Financial Crimes Commission’s (EFCC) charges against the companies and Nolan. Despite Nolan fleeing Nigeria and jumping bail, the EFCC applied to have him tried in absentia and declared him wanted.

Trinity Biotech Nigeria Limited and Nolan were prosecuted in one case, while Resorts Express Concept Nigeria Ltd and Corrado Fantoli (another suspect associated with Nolan) were prosecuted in a separate case.

Fantoli, who is also at large, was arraigned in absentia on a money laundering charge related to the P&ID fraud. The court declared both Fantoli and another individual, Giovanna Beccarelli, wanted in connection to the case.

The court’s decision to shutdown these companies linked to the multi-billion dollar scam reflects the ongoing efforts to hold individuals and entities accountable for their involvement in fraudulent activities.

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