Firms linked to P&ID ‘withdraw $700,000 in cash’ – TheNigerialawyer

FIRMS linked to Irish firm Process and Industries Developments
(P&ID) withdrew $700,00 cash at once in breach of Nigeria’s
financial law, the Economic and Financial Crimes Commission (EFCC)
has uncovered.

Nigerian prosecutors are probing payments through Allied Irish
Banks Plc to unravel who received what and how as they close in on
individuals and companies behind the P&ID $9.6 billion failed
contract.

The EFCC has expanded its probe into the deal by making formal
requests for assistance from Irish law enforcement and the United
Kingdom’s National Crime Agency.

The prosecutors said they had evidence of two bank transfers
totaling $20,000 made by Dublin-based Industrial Consultants
(International) Ltd.- part of the P&ID group of companies to
Grace Taiga, a former Ministry of Petroleum top official, who
presided over the award of the gas plant contract.

The payments, in 2017 and 2018, were made from an Industrial
Consultants account at Allied Irish Banks and were purportedly for
“medical costs,” Bala Sanga, the lead prosecutor, said.

Investigators haven’t yet been able to trace the recipients of
the $700,000 withdrawal, Sanga said.

The massive withdrawals were done by companies linked with the
founder of P&ID, Michael Quinn and co-founder, Brendan
Cahill.

The recipients of the cash, suspected to be bribe, could not be
located by EFCC detectives.

A Bloomberg report quoted EFCC’s lawyer as saying: “The Nigerian
anti-corruption agency’s investigators have uncovered large cash
withdrawals from several companies linked to Quinn and Cahill since
2009, in breach of Nigerian money laundering regulations, according
to Sanga. The largest withdrawal was for about $700,000 in cash.
Investigators haven’t yet been able to trace the recipients of the
money.”

Sanga also said “an Irish citizen who worked for Michael Quinn
has been arrested and charged in Nigeria and he remains in
custody.

He added: “P&ID co-founder Brendan Cahill and Quinn’s son
Adam will in due course be charged.”

He said he would seek the extradition of both men from Ireland
to Nigeria. Cahill and Quinn didn’t respond to an email seeking
comment.

Attorney-General of the Federation and Minister of Justice, Mr.
Abubakar Malami, told Bloomberg that ”the enforcement of the $9
billion cannot stand having been based on a foundation that is
rooted in fraud, corruption, tax evasion and procedural
circumvention.”

As the government delegation was getting set for today’s legal
matter in London, there was anxiety in EFCC yesterday over a plot
to remove Magu by some forces sympathetic to the P&ID firm.

It was learnt that some of the plotters wanted what a source
described as “outright negotiation with P&ID” but the EFCC’s
probe bungled such plans for amicable resolution of the matter.

Ahead of the legal battle, the Federal Government delegation met
for hours with the foreign lawyers engaged to set aside the
$9.6billion judgment.

But despite in-depth forensic investigation into the
controversial contract by the EFCC, some forces are pushing for the
removal of the chairman of the anti-corruption agency.

The forces have launched a fresh bid to prevail on the
government to send Magu to the National Institute for Policy and
Strategic Studies(NIPPS), Kuru.

It was gathered that they rated the EFCC’s investigation as
“beyond the brief” given to Magu.

A source said: “In spite of the outcome of the forensic
investigation, some powerful forces are unhappy with Magu for
allowing the EFCC to go too far into the P&ID matter. Some of
them had been in the vanguard of out of court settlement.

“The sympathizers of P&ID are really fighting back, they
alleged Magu went “beyond the brief given to him” by exposing the
untouchables behind the $9.6billion judgment.

“There are many more big men on the radar of EFCC on this
judgment cash. Most beneficiaries including past top government
officials, corporate players and lawyers are just uncomfortable
with Magu. They want to hide under NIPPS course to get rid of Magu
and stall the ongoing investigation.

“I think from the look of things, they may have their way unless
President Muhammadu Buhari intervenes.”