The Federal High Court in Abuja has ordered the closure of two firms linked to James Nolan, a British national who is standing trial for his role in the Process and Industrial Developments Limited (P&ID) fraud.

According to the News Agency of Nigeria, the companies were found guilty of money laundering and were convicted on Wednesday, July 4, 2024.

Justice Donatus Okorowo found the two firms guilty of money laundering in two separate judgement. As a result, he ordered that the companies be liquidated and their assets forfeited to the Federal Government.

The Economic and Financial Crimes Commission (EFCC) has filed charges against Trinity Biotech Nigeria Limited and Nolan. The commission is also prosecuting Resorts Express Concept Nigeria Ltd and Corrado Fantoli, the first and second defendants.

Fantoli, a Nolan associate, was among the suspects in the alleged $9.6 billion P&ID fraud. The suspect, who is believed to be at large with the corporation, was charged with eight counts of money laundering on November 25, 2022, in absentia.

He was not present in Court or represented by a lawyer when they were arraigned. Following an appeal by the EFCC counsel, the court proclaimed him wanted and ordered his arrest wherever he was sighted. Resorts Express Concept Nigeria Ltd. and Trinity Biotech Nigeria Limited are two of over 30 firms linked to the $9.6 billion P&ID scam.

Meanwhile, Nolan is being tried on several charges by separate courts. In September 2022, a Federal High Court in Abuja revoked his bail and issued a bench warrant for Nolan’s arrest because he failed to appear in court.

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