$9.6 Billion fraud: EFCC releases further damning evidence against P&ID director

The Economic and Financial Crimes Commission, EFCC, presented additional evidence against MICAD Project City Services Limited and James Nolan, a Director of Process and Industrial Development Limited, to Justice Nora Egwuatu of the Federal High Court in Abuja.

This update was provided in a statement by Dele Oyewale, the Head of Media and Publicity at the EFCC, on Monday.

The case revolves around a contentious Gas Supply Processing Agreement between Process and Industrial Development and the Federal Government of Nigeria. P&ID had been granted an $11 billion award against the Federal Government due to the failed contract. However, in a significant development last October, a London arbitration court nullified the $11 billion award, ruling that the contract had been obtained through fraudulent means.

MICAD Project City Services Limited and James Nolan facing 20 counts bordering on “obtaining by pretense, money laundering, and criminal conversion of proceeds of crime, to the tune of N151,394,328.00.”

In February, the International Criminal Police Organisation said it had arrested Nolan, in Italy after he jumped bail in Nigeria in 2022, in the ongoing $9.6 billion P&ID scandal.

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At Monday’s court session, the prosecution counsel, Bala Sanga, informed the court that the EFCC had filed additional evidence before the court on February 20, 2024, and the defence counsel, Michael Ajara, confirmed that they had been served the evidence.

Sanga then presented the third prosecution witness, Nnedimma  Eyisi, a lawyer,   who narrated to the court how James Nolan informed her that he needed to renew himself as the Director of MICAD.

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