In a shocking revelation on Tuesday, Mr. Umar Babangida, an investigator with the Economic and Financial Crimes Commission (EFCC), unveiled how top government officials allegedly assisted the directors of Process and Industrial Development (P&ID) Ltd. in a $9.6 billion scam against Nigeria. The disclosure was made during the ongoing trial of James Nolan, an Irish national and P&ID director, who faces a litany of charges.
The EFCC had charged Micad Project City Services Ltd. and Mr. Nolan as the 1st and 2nd defendants in the case marked FHC/ABJ/CR/9/2022. Despite being granted bail after pleading not guilty, Nolan failed to appear in court for trial, leading to the revocation of his bail and the issuance of a bench warrant for his arrest. Justice Ahmed Mohammed also granted the EFCC’s request to continue the trial in absentia.
Mr. Babangida, the 2nd prosecution witness, testified before Justice Obiora Egwuatu, detailing how former President Muhammadu Buhari directed an EFCC investigation into the gas supply and processing agreement signed between the Federal Ministry of Petroleum Resources and P&ID Ltd. in 2010. The witness revealed that the late Minister of Petroleum Resources, Dr. Rilwan Lukman, and the then Director of Legal Services, Mrs. Grace Taiga, had signed the agreement.
The investigation uncovered that Michael Quinn, an Irish citizen, was the owner of P&ID Ltd., which had incorporated multiple companies in Nigeria. These included Micad Project City Services Ltd., the 1st defendant, and its representatives, including James Richard Nolan, the 2nd defendant.
Babangida outlined the team’s scrutiny of incorporation documents, discovering that Nolan and Adam Quinn were initial shareholders of Micad Project, but later relinquished their shares. The investigation also delved into the company’s bank accounts, revealing transactions, including a payment of over N151 million from the Federal Capital Development Authority (FCDA).
Furthermore, the EFCC investigator disclosed the company’s failure to comply with the Money Laundering and Prohibition Act, 2011, and tax laws. The Federal Inland Revenue Service confirmed a tax liability of over N39 million, while the company allegedly failed to declare its business activities to the Federal Ministry of Industry and Trade Investment.
All findings were forwarded to the EFCC Forensic Department for analysis, with the forensic expert expected to present the court with conclusive evidence. The trial is set to continue on Wednesday, revealing more intricate details of the alleged $9.6 billion scam involving high-profile government officials and P&ID directors.
