FG order the closure of Process and Industrial Development Limited

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Process and Industrial Development Limited

The Federal High Court in Abuja has ordered the closure of operations of Process and Industrial Development Limited (P&ID) and P&ID Nigeria Limited.

Justice Inyang Ekwo gave the order following the arraignment of the companies on Thursday by the Economic Financial Crimes Commission (EFCC).

He also held that P&ID Nigeria Limited, which is the second defendant, forfeits its assets to the Federal Government of Nigeria.

The judge gave the ruling after the representatives of the companies pleaded guilty to the 11 charges brought against them by the anti-graft agency.

The prosecuting counsel, Bala Sanga spoke to newsmen after the ruling.