February 5, 2021:
On 1 February 2021, Nigeria’s Economic and Financial Crimes Commission (EFCC) arraigned Mr Muhammed Kuchazi, a former commercial director of Process and Industrial Developments (P&ID), on eight counts under the Money Laundering (Prohibition) Act 2011 relating to his involvement with P&ID.
Through its ongoing investigations, the EFCC has uncovered evidence which suggests that Mr Kuchazi intentionally concealed facts relating to P&ID and ultimately facilitated the sham company’s attempts to defraud Nigeria for his personal gain.
P&ID and Kuchazi agreed that he would receive 3% (nearly U$300 million) of the U$6 billion arbitral award against Nigeria – at the cost of his fellow Nigerians.
A spokesperson for the Federal Republic of Nigeria said:
“The arraignment of Mr Kuchazi is the latest milestone for the Federal Republic of Nigeria in our wider fight for justice against P&ID, a shell company owned by litigation funder Lismore Capital and hedge fund VR Advisory. This signifies continued progress and momentum in our ongoing investigations to uncover the truth behind the fraud.
This arraignment underlines the EFCC and the Buhari administration’s commitment to holding P&ID and its associates to account for their role in one of the world’s largest scams. We will not rest until we have secured justice for Nigeria and its people.”