Headlines
$9.6bn P&ID Scandal: Court Orders Closure of Two Companies
An Abuja federal high court 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, Donatus Okorowo, the presiding judge, held that the two companies were found guilty of the money laundering offences.
Consequently, Okorowo ordered that the companies be wound up and their assets be 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 as the first and second defendants.
In the sister case marked FHC/ABJ/CR/273/2022, the commission is also prosecuting Resorts Express Concept Nigeria Ltd. and Corrado Fantoli as the first and second defendants, respectively.
Fantoli, also a foreigner and an associate of Nolan, was one of the suspects behind the alleged $9.6 billion P&ID fraud.
The suspect said to be at large alongside the company, 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 when they were arraigned.
The court declared him wanted and ordered his arrest anywhere he was sighted after an application by the EFCC counsel, Bala Sanga.
Resorts Express Concept Nigeria Ltd. and Trinity Biotech Nigeria Limited are two of the over 30 companies associated with the $9.6 billion P&ID scam.
Meanwhile, Nolan is standing trial on different charges before different judges.
In September 2022, a federal high court in Abuja revoked his bail and issued a bench warrant for Nolan’s arrest after he failed to appear in court.
TheCable
The management of Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, from N890 to N825 per litre, effective from February 27, 2025.
The slash in price by N65.00 was announced in a statement on Wednesday by the refinery.
According to the statement, buyers in Lagos would purchase fuel at N860 per litre at MRS outlets under the new arrangement.
“For MRS Holdings stations, it will sell for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East respectively,” the management said.
“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: ₦865 per litre in Lagos, ₦875 per litre in the South-West, ₦885 per litre in the North, and ₦895 per litre in the South-South and South-East.”
The company assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.
It urged marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.
To the refinery, the price adjustment is designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season and also support the economic recovery policy of President Bola Ahmed Tinubu by alleviating the financial burden on the Nigerian populace.
Africa’s richest man Dangote has severally reduced the prices of petrol and other refined petroleum products.
The latest move is the second price reduction of PMS in February 2025, following a previous decrease of N60.00 earlier in the month.
In December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.
A former Acting Accountant-General of the Federation (AGF), Anamekwe Nwabuoku, who is standing trial for alleged misappropriation of ₦1.96 billion, has appealed to the Federal High Court in Abuja to grant him time to negotiate a settlement with the Economic and Financial Crimes Commission (EFCC).
Nwabuoku, who is facing a nine-count charge, made the request after EFCC’s lawyer, Ekele Iheanacho, SAN, informed the court that the prosecution was ready to proceed with five additional witnesses.
Although he was represented at the hearing by his lawyer, Isidore Udenko, the defendant personally addressed the court, stating that he had hired a Senior Advocate of Nigeria (SAN) to facilitate an out-of-court settlement with the anti-graft agency.
Udenko noted that the trial had commenced only after the defendant’s previous attempt to reach an agreement with the EFCC fell through.
Immediate past Governor of Kaduna State, Malam Nasir el-Rufai, has stated that the National Security Adviser, Nuhu Ribadu is planning to tarnish his reputation because of his 2031 Presidential ambition.
Speaking in an interview with Arise TV on Monday, el-Rufai alleged that Ribadu is collaborating with Governor Uba Sani of Kaduna, and the Independent Corrupt Practices and Other Related Offences Commission to destroy his image
“This project of destroying Nasir el-Rufai is Nuhu Ribadu’s conception. He is the architect and builder of that project. He is the one working with Uba Sani to implement it. So far, it has been frustrating for them,” el-Rufai said.
“Somebody wants to destroy my reputation. Why? Nuhu Ribadu wants to be president in 2031. He has to eliminate every northerner that he thinks is on the radar.”
