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JUST IN: P&ID officials plead guilty to $9.6bn contract fraud

Representatives of the Process and Industrial Development Ltd (P&ID), on Thursday, pleaded guilty before the Federal High Court, in Abuja, to charges of fraud and tax evasion instituted against them.

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The Economic and Financial Crimes Commission (EFCC) had, on Thursday, arraigned two firms that were linked to the controversial oil contract (P&ID) that led to the judgement of the British Court that ordered the seizure of Nigeria’s foreign assets worth $9.6 billion.

The firms, P&ID Ltd, Virgin Island and its Nigerian affiliate, P&ID Nigeria Ltd, pleaded guilty to the 11-count which bordered on fraud and tax evasion.

Details later…