Abuja Federal High Court Orders Closure of Two Companies Linked to P&ID Fraud Involving British National James Nolan
A federal high court in Abuja has ordered the closure of two companies linked to James Nolan, a British national facing trial over his involvement in the Process and Industrial Developments Limited (P&ID) fraud.
In two separate judgments delivered on Wednesday, Judge Donatus Okorowo found the companies guilty of money laundering offenses. Consequently, Okorowo ordered that the companies be wound up and their assets forfeited to the federal government.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Trinity Biotech Nigeria Limited and Nolan in the case marked FHC/ABJ/CR/272/2022. In the related case marked FHC/ABJ/CR/273/2022, the commission is also prosecuting Resorts Express Concept Nigeria Ltd. and Corrado Fantoli, an associate of Nolan, as the first and second defendants, respectively. Fantoli, also a foreign national, is implicated in the alleged $9.6 billion P&ID fraud.
Fantoli, who is reportedly at large, was arraigned in absentia on November 25, 2022, on an eight-count money laundering charge. He was neither present in court nor represented by a lawyer during the arraignment. The court declared him wanted and ordered his arrest after an application by EFCC counsel Bala Sanga.
Resorts Express Concept Nigeria Ltd. and Trinity Biotech Nigeria Limited are among over 30 companies associated with the $9.6 billion P&ID scam. Meanwhile, Nolan is facing trial on different charges before various judges. In September 2022, a federal high court in Abuja revoked his bail and issued a bench warrant for his arrest after he failed to appear in court.
