P&ID: EFCC Opens Case In Money Laundering Charge Against Nolan, Companies

The Economic and Financial Crimes Commission (EFCC), on Monday, opened its case in the money laundering charge filed against James Richard Nolan, Goidel Resources and ICIL Limited before a Federal High Court sitting in Abuja.

The defendants are being prosecuted by the anti-graft agency on a 16-count charge of money laundering linked to the $9.6 billion Process & Industrial Development (P&ID) gas processing and utilization contract scam.

EFCC called its first prosecution witness, Wale Agunbiade Adewale, an account officer with a first generation bank who handled the opening of the accounts for the companies.

Adewale told the court that, in August 2019, the bank received a request from the EFCC to avail them with the account opening documents and statement of Gödel’s Resources, ICIL Ltd and P&ID Ltd.

The account opening documents, he said, including Certificate of Incorporation, Memorandum of Article of Association, particulars of Directors and other means of identification, which were tendered by the prosecution and admitted in evidence by the Court.

The witness further told the court that the “signatories to the account were James Nolan and Isaac Ebubeogu in respect of exhibit A, Goidel Resources. For ICIL, we have James Nolan, Lloyd Quinn and Adam Quinn. For the coordinate account of P&ID, we have Hitchcock Neil and James Nolan.”

Asked to tell the court the nature of the transaction by Goidel Resources from 18 May, 2015 to 21 May 2015, the witness said, “the transactions on each of the mentioned days were a daily cash deposit of $10,000.”
He further disclosed that, “On the 2nd of May, 2019, an inward transfer of $47,975.00 was received into the account of Goidel Resources from Industrial Consultant International.

“On 4th September, 2014, the transaction of ICIL Ltd included chequebook issuance of $10,000 and a debit of $40,000 for reference salary payment for Neil and Elizabeth.

“On 1st September, 2014, there were three inflows: $350,000 in favour of ICIL from Basale Enterprise, $50,000 from Baharudeen Farouk in favour of ICIL and an inflow of $10,000 from Farsman Investment Ltd.”

The witness said $125,000 was transferred from Nolan James to Goidel Resources Ltd on 1st February, 2016. “There was a transfer of $125, 000 from Nolan James to Goidel Resources Ltd,” he said.

After the testimony of the witness, the trial Judge, Justice Donatus Okorowo adjourned the matter till February 15, 2022, for cross-examination of the witness and continuation of hearing.