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Nigeria: Money Laundering Charges Against Two Britons

Nigeria: Money Laundering Charges Against Two Britons

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Abuja October 22, 2019 (CABNC): The Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-fraud authority, has charged two British citizens, James Richard Nolan and Adam Quinn, who are both are directors of the firm Process and Industrial Developments (P&ID) with 16 counts of money laundering.

Mr Nolan and Mr Quinn lawyer had entered a not guilty plea to the money laundering charges put forward by the EFCC.

While Mr Quinn whereabout is unknown, Mr Nolan has been remanded in prison until the hearing of his bail application.

Some of the charges level against P&ID directors by EFCC are as follows:

  • Failure to report a deposit of $125,000 in a local account.
  • Failure to declare its activities in Nigeria to the trade ministry.

 This is the latest development in a protracted battle between the British Virgin Islands-based firm and the Nigerian government, over an aborted gas deal dating back to 2010. Previously, P&ID had won an arbitration award against the Nigerian government over a gas project that failed which is now worth $9bn (£7bn). P&ID claims the failure of successive administrations to deliver their end of the deal, led it to suffer massive losses.

The Nigerian government says the deal was designed to fail and that the arbitration award was unfair.

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