In a significant legal development, the Federal High Court has handed down judgments against two companies, Trinity Biotech Nigeria Limited and Nolan, for their involvement in money laundering offenses. Justice Donatus Okorowo presided over the cases separately and found both companies guilty, subsequently ordering their winding up and the forfeiture of their assets to the federal government.
The prosecutions were led by the Economic and Financial Crimes Commission (EFCC), which also implicated Resorts Express Concept Nigeria Ltd. and Corrado Fantoli in the same offenses. Corrado Fantoli, known for his association with Nolan and allegedly linked to the infamous $9.6 billion P&ID fraud case, was arraigned alongside Resorts Express Concept Nigeria Ltd. as the first and second defendants.
Fantoli, who remains at large, was arraigned in absentia on November 25, 2022, facing charges related to money laundering. Despite not being present in court nor represented by legal counsel, the judge declared him wanted and issued an arrest order upon the application by the EFCC counsel.
Resorts Express Concept Nigeria Ltd. and Trinity Biotech Nigeria Limited are among more than 30 companies implicated in the extensive P&ID scam, which has drawn considerable legal scrutiny and international attention.
Meanwhile, Nolan faces multiple charges in separate legal proceedings across various courts. Recently, a federal high court in Abuja revoked Nolan’s bail in September 2022 and issued a bench warrant for his arrest after he failed to appear in court.
The judgments underscore the ongoing efforts by Nigerian authorities to combat financial crimes and uphold accountability within the corporate sector, particularly concerning high-profile cases involving significant sums and international implications.