$9.6bn contract scam: P&ID’s officials plead guilty to fraud

Representatives of the Process and Industrial Development Ltd on Thursday pleaded guilty before the Federal High Court in Abuja to charges of fraud and tax evasion instituted against them.

Saga Gist had reported that the Federal Government had vowed to go ahead and probe the gas pipeline deal between the previous administration and an Irish firm, Process and Industrial Developments Limited (P&ID), which triggered the decision of a United Kingdom court to ask the company to seize $9.6bn in Nigerian assets. 

According to the Nation, the Economic and Financial Crimes Commission (EFCC) on Thursday, arraigned the 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.

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

Details shortly…