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Fraud

Abuja Traditional Chief Arrested Over $11 Billion PandID Fraud Charges

Strategic Insights

— 2 min read

George Kadiri, a retired civil servant and traditional chief in Gwagwalada, Abuja, was arrested by the Economic and Financial Crimes Commission (EFCC) for acting as bail surety for British national James Nolan, who is facing charges related to the $11 billion PandID fraud. The case has been ongoing since 2020, with the trial stalled since 2022 due to Mr Nolan's absence from court. The EFCC had charged Mr Nolan and his co-defendants in 2020 with money laundering connected with the fraudulent activities of PandID, a foreign entity used to secure a large arbitral award against Nigeria in 2017.

Key Takeaways:

  • The EFCC arrested George Kadiri, a traditional chief and bail surety for James Nolan, who is facing $11 billion PandID fraud charges.
  • The case against Mr Nolan and his co-defendants has been ongoing since 2020, with the trial stalled since 2022 due to Mr Nolan's absence from court.
  • The EFCC charged Mr Nolan and his co-defendants with money laundering connected with the fraudulent activities of PandID, a foreign entity used to secure a large arbitral award against Nigeria in 2017.
  • The award, initially $6.6 billion, rose to $11 billion by 2023 due to accumulated interests.
  • A UK arbitration tribunal issued the award in 2017 over Nigeria's alleged breach of a 20-year gas supply agreement entered into in 2010 with PandID.
  • In October 2023, the UK court ruled in favour of Nigeria, finding that the arbitral award was fraudulently obtained by compromising Nigerian officials.
  • The Nigerian government initiated criminal proceedings against PandID and other culpable officials, charging them with fraud and corruption.
  • James Nolan has been involved in about eight other cases, all related to his alleged involvement in the $11 billion PandID award.
  • The EFCC arraigned Mr Nolan on August 18, 2020, in a suit marked FHC/ABJ/CR/143/2020.
  • Other cases related to the PandID award are marked FHC/ABJ/CR/144/2020, FHC/ABJ/CR/145/2020, FHC/ABJ/CR/146/2020, FHC/ABJ/CR/147/2020, and FHC/ABJ/CR/148/2020.

Statistics:

  • $11 billion: the amount awarded against Nigeria in the PandID case, accumulated from an initial $6.6 billion award in 2017.
  • 2020: the year the EFCC charged Mr Nolan and his co-defendants with money laundering connected with the PandID case.
  • 2022: the year the trial against Mr Nolan and his co-defendants stalled due to his absence from court.
  • 2023: the year the UK court ruled in favour of Nigeria, finding that the arbitral award was fraudulently obtained.
  • 2017: the year the UK arbitration tribunal issued the $6.6 billion award against Nigeria.
  • 20 years: the duration of the gas supply agreement between Nigeria and PandID that was breached.
  • 8: the number of cases related to the PandID award that James Nolan has been involved in.

Sources:

  • News Agency of Nigeria (NAN)
  • Premium Times

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