Nolan, who is a director in Goidel Resources Limited, a Designated Non-Financial Institution, and ICIL Limited are facing 16 counts of money laundering before Justice Okorowo in relation to the $9.6 billion Process and Industrial Development gas processing and utilisation contract scam.
The trial of a British national, James Nolan, Goidel Resources and ICIL Limited before Justice D. U. Okorowo of the Federal High Court in Abuja continued on Monday with the Economic and Financial Crimes Commission (EFCC) presenting its first witness against the defendants.
Nolan, who is a director in Goidel Resources Limited, a Designated Non-Financial Institution, and ICIL Limited are facing 16 counts of money laundering before Justice Okorowo in relation to the $9.6 billion Process and Industrial Development gas processing and utilisation contract scam.
The EFCC had already secured the liquidation of the company and the conviction of some of its management staff members.
During Monday’s proceeding, the first prosecution witness, Wale Agunbiade Adewale, an account officer with Guaranty Trust Bank who handled the opening of the accounts for the companies said that sometime in August 2019, “we received a request from the EFCC to avail them with the account opening documents and statement of GOIDEL Resources, ICIL Ltd and P&ID Ltd. The account opening documents include Certificate of Incorporation, Memorandum of Article of Association, particulars of Directors and other means of identification.”
The documents were tendered by the prosecution and admitted in evidence by the court.
The witness further told the court that the “signatories to the account domiciled in GT Bank 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 stated that “the transactions on each of the mentioned days were a daily cash deposit of $10,000.”
He further disclosed, “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 4 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.
Justice Okorowo adjourned the matter to 15 February, 2022, for cross-examination and continuation of the hearing.