The Federal High Court in Abuja has ordered the forfeiture of assets and closure of operations of Process and Industrial Development Limited (P&ID) and P&ID Nigeria Limited (P&ID).
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.
“An order is hereby made for the second convict to be wound up and its assets forfeited to the Federal Government,” Justice Ekwo said.
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.