FOREIGN

Interpol Arrests James Nolan Over Involvement Iin $9.6bn P&ID Fraud Case

 

The International Criminal Police Organisation (Interpol) has arrested James Nolan, a British national, facing trial over his involvement in the Process and Industrial Developments Limited (P&ID) fraud.

In August 2020, the EFCC arraigned Nolan, a director in the P&ID Limited, alongside Lurgi Consult Limited and others, in a $9.6 billion money laundering case.

Nolan was granted bail but failed to appear in court for trial after he perfected his bail conditions.

In September 2022, a federal high court in Abuja revoked the bail and issued a bench warrant for Nolan’s arrest.

NAN reports that the Briton was arrested by the INTERPOL on January 27 while on a visit to his wife in Italy.

According to NAN, the federal ministry of foreign affairs will commence Nolan’s extradition to Nigeria to continue trial.

Paul Erokoro, counsel to Nolan,  said he also heard about his client’s arrest.

“There is a report that James Nolan was arrested but the EFCC is actually in a better position to confirm. They might have heard from INTERPOL,” NAN quoted Erokoro as saying.

“But I have not spoken to him (Nolan) and I don’t have firsthand confirmation but I have heard about the report.”

P&ID had agreed with Nigeria in 2010 to build a gas processing plant in Calabar, Cross River state.

However, the company said the deal collapsed because the Nigerian government did not fulfil its end of the bargain.

Claiming Nigeria breached the terms of the contract, P&ID took a legal recourse and secured an arbitral award against the country.

On January 31, 2017, a tribunal ruled that Nigeria should pay P&ID $6.6 billion as damages, as well as pre-and post-judgment interest at 7 percent. With interest, the money grew to $11 billion.

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However, on October 23, Robin Knowles, justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer on the ground that the award was obtained by fraud.

In a final judgment delivered on December 21, Knowles ruled that the award against Nigeria should be thrown out immediately.

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