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 (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 made the orders shortly after the two firms, through their representatives, pleaded guilty to the 11 counts instituted against them by the Economic and Financial Crimes Commission.
While P&ID Limited incorporated in British Virgin Island was represented in the dock by its Commercial Director, Mohammad Kuchazi, P&ID Nigeria Limited was represented by Adamu Usman, who is also a lawyer.
Both men pleaded guilty on behalf of the companies to all the 11 counts read to them before Justice Ekwo on Thursday.
Kuchazi was represented by his lawyer, Dandison Akurunwua, while Usman represented himself.
They were accused of among others, fraudulently claiming to have acquired land from the Cross River State Government in 2010 for the gas supply project agreement which led to the $9.6bn judgment.
After the defendants pleaded guilty to the 11 counts, an EFCC investigator, Usman Babangida, was called to the witness box for review of facts which was not opposed by the defence.
In his ruling, Justice Ekwo noted the plea of guilty by the defendants and convicted them of the charges against them.
“I have reviewed the evidence tendered in this court. I have taken note of the plea of guilty and it is upon this premise that I find the first and second defendant guilty as charged.
“Both defend at are convicted in charge 1,2,3,4,5,6,7,8,9, and 10,” he ruled, while only the second defendant was convicted of ‘count 11’.