The management of Process and Industrial Development (P&ID) Ltd has disowned two of its officials who pleaded guilty to charges of tax evasion and fraud before a Federal High Court in Abuja on Thursday.

The Economic and Financial Crimes Commission (EFCC) had on September filed 11 counts against the two companies, accusing them of defrauding the Federal Government through the controversial Gas Supply Project Agreement signed between the P&ID and the Nigerian government through the Ministry of Petroleum Resources on January 11, 2010.

The then Minister of Petroleum Resources, the late Rilwan Lukman was said to have signed the contract for Nigeria with the then Director of Legal Services of the ministry, Mrs. Grace Taiga as government’s witness.

Following their pleas, the court convicted and subsequently ordered the winding up of Process and Industrial Developments Limited and its Nigerian affiliate, P&ID Nigeria Limited.

Justice Inyang Ekwo  gave the orders after the two firms, through their representatives pleaded guilty to the 11 counts of fraud, money laundering, tax evasion and other sundry charges in connection with a year 2010 contract leading to the recent controversial judgment of a British court which empowered the firm to seize about $9.6 billion worth of Nigerian assets.

Delivering the judgment, Justice Ekwo also ordered the forfeiture of the assets and properties of the two firms to the Nigerian government.

“An order is hereby made winding up the first defendant, that is, Process and Industrial Developments, British Virgin Island.

“An order is hereby made that the properties and assets of the first defendant, that is, Process and Industrial Developments, British Virgin Island, be forfeited to the Federal Government of Nigeria.

“An order is hereby made for the second defendant, that is, Process and Industrial Developments, in Nigeria to be wound up and its properties and assets forfeited to the Federal Government of Nigeria,” Justice Ekwo said. 

However, the P&ID in a statement issued on Thursday said that it would continue to identify and seize Nigerian assets, accusing the President Muhammadu Buhari administration of not showing that it was willing to negotiate in good faith in order to find a reasonable resolution to the issue. 

The company further accused the Nigerian government of carrying out a targeted campaign of unlawful and illegal detentions aimed at innocent individuals associated with the company.

“Today’s sham trial in Nigeria is entirely illegitimate, and follows a systematic campaign of harassment, intimidation and illegal detention of a number of individuals associated with P&ID or the GSPA contract.

“Nigeria’s Attorney General, Abubakar Malami has publicly acknowledged that his aim is to provoke global opposition against P&ID by undertaking this EFCC investigation.

“None of the individuals involved are current employees or representatives of P&ID. P&ID itself has received no communication from any Nigerian authority about the investigation or today’s hearing.

“There has been no evidence produced, no defence allowed, no charges laid, no due process followed,” the statement added.