$9.6 billion P&ID fraud: The EFCC offers further proof against the director

In front of Justice Nora Egwuatu of the Federal High Court, which is seated in Abuja, the Economic and Financial Crimes Commission presented more evidence on Monday against MICAD Project City Services Limited and James Nolan, a Director of Process and Industrial Development Limited.

Dele Oyewale, the EFCC’s Head of Media and Publicity, revealed this in a statement.

James Nolan and MICAD Project City Services Limited are facing 20 counts of collecting money under false pretenses, violating the Money Laundering Act 2011 (as amended), and criminally converting the proceeds of crime into cash. The total amount of the charges is N151,394,328.00.

The $9.6 billion P&ID scam is still underway. In February, the International Criminal Police Organization said that it had detained Nolan in Italy for allegedly skipping bail in 2022.

Using fictitious signatures, second prosecution attorney PW2, Hussain Babangida revealed to the court during the final session on January 18, 2024, how directors of Micad City Services Ltd stole approximately N39,450,224.23 that was owed in taxes to the federal government.

The EFCC had filed further evidence before the court on February 20, 2024, the prosecution’s attorney Bala Sanga told the court during Monday’s court session. The defense attorney, Michael Ajara, confirmed that they had received the evidence.

Sanga then introduced PW3, a lawyer named Nnedimma Irene Eyisi, as the third prosecution witness. PW3 told the court how James Nolan told her that he needed to reapply to be MICAD’s director.

“My principal told me on occasion in 2016 that I would receive a form from a client to complete a CAC paperwork. Afterwards, I got a call later that day from a client named James Nolan, who told me he had to reapply to be the company’s director. He provided me with information about the company’s directors when I requested for it. I told him I will get a CAC Form 7 ready for the necessary directors to sign.

“A couple of weeks later, our Secretary informed me that I have some documents which contained CAC form 7 appointing James Nolan as the director, a consent letter accepting to be a director by James Nolan. On receiving these documents, I proceeded to CAC and after a couple of days, I checked back and the application was approved. I made the necessary payment and submitted. I came back days later to collect the CTC of these documents. I packaged it and gave it out for dispatch, I called the client and informed him that the documents are ready”, the woman continued.

Eyisi also told the court that she could immediately identify the document, noting that James Nolan’s name appears on it. She claimed that the EFCC had invited her in relation to the CAC form 7, and that on August 31, 2021, she had written a statement that included her name.

In her cross-examination, the witness reportedly stated that she sent the paperwork for the directors and the firm to sign.

“CAC form 7 needs to be returned signed, and I turned them all in.” All I know is that the new director and all of the other directors signed the forms when they were returned.

Sanga then requested that the document be allowed into evidence in court. The application was not challenged by the defense attorney.

The document was admitted into evidence by Justice Egwuatu, who also marked it as “Exhibit J.” The hearing was then postponed until March 12, 2024.