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Temitope Erinomo, a prosecution witness in the ongoing trial of Kore Holdings Limited has testified that the company has links to Process and Industrial Development (P&ID), the firm at the center of a controversial $9.6 billion fraud case against the Nigerian government.
Testifying before J.O. Abdulmalik, Justice of the Federal High Court, Abuja, the witness revealed that Kore Holdings failed to comply with anti-money laundering regulations, raising further concerns about its financial dealings.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Kore Holdings on multiple charges related to money laundering violations.
According to Erinomo, Kore Holdings, classified as a Designated Non-Financial Institution (DNFI) under the Money Laundering (Prevention and Prohibition) Act, 2022, failed to report its financial activities to the Federal Ministry of Industry, Trade, and Investment as required by law.
The EFCC alleges that the company did not develop the necessary anti-money laundering programs, such as appointing compliance officers, maintaining an internal audit unit, and conducting staff training.
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A statement signed by Dele Oyewale, EFCC Spokesman, noted that the case against Kore Holdings also includes charges against the late Muhammed Kuchazi, a former director of the company.
According to the statement, the prosecution contends that both parties violated key provisions of the Money Laundering Act, an offense punishable under Section 16(2)(b) of the law.
Erinomo testified that the Special Control Unit Against Money Laundering (SCUML), the agency responsible for monitoring DNFIs, discovered that Kore Holdings had not declared its financial transactions or filed compliance reports. SCUML then submitted its findings to the EFCC after being requested to provide information on the company’s activities.
In a significant revelation, Erinomo stated that Kore Holdings is affiliated with P&ID, the company involved in series of money laundering litigations and the disputed $9.6 billion arbitration case against Nigeria.
“They have an affiliation with Process and Industrial Development Limited (P&ID), which was involved in a series of money laundering litigations at the time,” he told the court.
Following the testimony, Abdulmalik (Justice) adjourned the trial to March 12, 2025, for further proceedings.
