A Federal High Court in Abuja, has ordered the forfeiture of all assets belonging to Process and Industrial Development (P&ID) Limited to the federal government.
This development followed the conviction of the involved firms on 11-count charge bordering on economic sabotage, money laundering, tax evasion amongst others preferred against them by the Federal Government.
According to Punch, Justice Inyang Eden Ekwo premised the order on the admission of guilt by the firm and its officials in the criminal charges against them.
P&ID Ltd, the parent company incorporated in the British Virgin Island was represented by its Commercial Director, Mohammad Kuchazi, while P&ID Nigeria Limited was represented by Adamu Usman.
The defendants pleaded guilty to all the charges read against them and the court consequently convicted them based on their plea of guilt.
Justice Ekwo accordingly made an order winding up the two firms as well as forfeiture of their assets to the federal government.
Recall that a British Commercial Court had on August 16, awarded judgment in the sum of $9.6bn against Nigeria over a failed contract between P&ID and the Federal Ministry of Petroleum Resources in 2010.