A Federal High Court in Abuja has ratified the appointment of a liquidator by the Federal Government, acting through the Economic and Financial Crimes Commission, EFCC, for Process and Industrial Developments (Nigeria) limited, P&ID a company registered in Nigeria.
The liquidator is to help the Federal Government trace and secure all assets and property of the P&ID Nigeria, which the court earlier ordered to be forfeited to the Nigerian government having been convicted in a judgment on September 19, 2019.
Justice Inyang Ekwo, while ruling on an ex-parte application made an order ratifying the appointment of Christie Makar of Lexfield Chambers as the liquidator of P&ID Nigeria.
The applicant is hereby ordered to file the order convicting and winding-up Process and Industrial Developments Nigeria Limited, P&ID with the Corporate Affairs Commission forthwith.
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The court had in the proceedings on September 19, 2019, convicted Process and Industrial Development Limited and its affiliate in Nigeria, P&ID Nigeria Limited on an11-count charge filed by the EFCC over the firms’ unlawful conduct in relation to the controversial Gas Supply Project Agreement, GSPA, over which an arbitration tribunal that sat in London awarded damages estimated at about $9.6billion against Nigeria.
They were, among others, accused of fraudulently claiming to have acquired land from the Cross River State Government in 2010 for the Gas Supply Project Agreement, GSPA.
Justice Ekwo, after convicting both firms, ordered among others, that they be wound-up and that their property and assets be forfeited to the Federal Government of Nigeria.
Editor Paul Akhagbemhe
