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$9.6bn contract: P&ID pleads guilty to fraud

Two directors of the Process and Industrial Development Limited (P&ID), an Irish engineering company, have been convicted of charges bordering on economic sabotage and money laundering.

They pleaded guilty before a Federal High Court in Abuja,

Commercial director of P&ID, British Virgin Islands, Muhammad Kuchazi, and a director of the firm in Nigeria, Adamu Usman, pleaded guilty to 11 counts of economic sabotage.

The company claimed it entered a contract to build a gas processing plant in Calabar, Cross River state, with the Nigerian government, but that the deal collapsed because the government did not fulfill its own end of the bargain.

It then sued Nigeria at the British court, and secured judgement in its favour.

They duo also pleaded guilty to intent to defraud by obtaining property from the Cross River State government.

The Economic and Financial Crimes Commission (EFCC) arraigned two firms that were linked to the controversial oil contract (P&ID) that led to the judgement of the British Court that ordered the seizure of Nigeria’s foreign assets worth $9.6billion.

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