The Federal High Court has ordered the closure of the Process and Industrial Development British virgin Island and its Nigerian subsidiary.
The court also order that their assets be forfeited to the federal government.
The Economic and Financial Crimes Commission arraigned two firms that were linked to the controversial oil contract that led to the judgement of the British Court, which ordered the seizure of Nigeria’s foreign assets, worth $9.6 billion.
The firms, P&ID Ltd, Virgin Island and its Nigerian affiliate, P&ID Nigeria Ltd, pleaded guilty to the 11-count which bordered on fraud and tax evasion.
