Two 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 in respect of the contract leading to the recent controversial judgment of a British court empowering the firm to seize about $9.6bn worth of Nigerian assets.
The Economic and Financial Crimes Commission on Thursday arraigned P&ID Ltd, Virgin Island, its Nigerian affiliate, P&ID Nigeria Ltd on 11 counts of fraud and tax evasion.
While P&ID Ltd, Virgin Island was represented by its Commercial Director, Mohammad Kuchazi, P&ID Nigeria Limited was represented by Adamu Usman, who is also a lawyer.
Both men pleaded guilty to all the 11 counts read to them before Justice Inyang Ekwo on Thursday.
Kuchazi was represented by his lawyer, Dandison Akurunwua, while Usman represented himself.
They were accused of, among others, fraudulently claiming to have acquired land from the Cross River State Government in 2010 for the gas supply project agreement which led to the $9.6bn judgment.
After the defendants pleaded guilty to the 11 counts, an EFCC investigator, Usman Babangida, was called to the witness box for review of facts which was not opposed by the defence.
Documents relating to the controversial 2010 gas supply contract and EFCC’s investigation activities were tendered and admitted by the judge as exhibits without objection from the defence.
The judge then went on to pronounce the two firms represented by the two men guilty.
The prosecution led by Bala Sanga has asked Justice Ekwo to order the winding up of the company as the sentence for the offences.