P & ID short for Process and Industrial Development Ltd, a company recently embroiled with the Nigerian government in a $9.6 Billion lawsuit has recently forfeited all its assets to the Nigerian Government after pleading guilty to an 11-count charge levelled against them by the anti-graft agency.
After representatives of the company pleaded guilty, the presiding judge, Justice Inyang Ekwo ruled that all the assets of P & ID Nigeria be forfeited to the Federal Government of Nigeria.
The charges ranged from obtaining property from the Cross River State government and the State Government with the intent to defraud, conspiring with certain individuals to commit a felony and several charges which bordered on Tax evasion and the others stemming from the unlawful origin of funds used in the operation.
