EFCC drops money laundering charges against ex Lagos Attorney-General, Shasore
Bala Sanga, counsel for the EFCC, told the judge that the Attorney-General of the Federation, Lateef Fagbemi, had asked the anti-graft agency to remove the case in a letter.
The Economic and Financial Crimes Commission (EFCC) has dropped a money laundering prosecution against Olasupo Shasore, a former Lagos State Attorney-General.
In November 2022, Shasore and his company, Middlesex Investments Ltd, were charged with 14 counts of money laundering before Justice Inyang Ekwo.
During the day’s proceedings, the EFCC’s counsel, Bala Sanga, informed the judge that the Attorney-General of the Federation, Lateef Fagbemi, had asked the anti-graft agency to remove the allegation via a letter.
Olawale Akoni, Shasore’s counsel, did not object to the application.
Justice Ekwo later granted the application and released the accused.
The AGF’s letter addressed to the EFCC chairman was titled: “RE: Review of All Civil and Criminal Proceedings Between Process and Industrial Developments Ltd (P&ID) and Federal Republic of Nigeria (FRN).”
The letter dated November 23 with reference number DPPA/OLASUPO/345/23 informed the EFCC
“that the above charges were being reviewed in the light of recent developments in Process & Industrial Developments Limited vs. The Federal Republic of Nigeria (CL-2018-000182) and The Federal Republic of Nigeria vs. Process & Industrial Developments Limited (CL-2019-000752).
“Consequently, you are hereby directed, according to the provisions of Sections 105(1) & 108(1) of the Administration of Criminal Justice Act, 2015, to withdraw the said charges with immediate effect and revert to compliance promptly.”
Nigeria was represented in the P&ID case by the former Lagos Attorney-General.
In a British court, the P&ID obtained a $9.6 billion judgment against Nigeria.
Based on the interest rate, the possible payment amounted to more than $11 billion.
The company claimed to have signed an agreement to construct a gas processing plant in Calabar, Cross River State.
The contract fell through because the Nigerian government did not keep its half of the bargain, according to the corporation.
Shasore was charged by the federal government of compromising the case in favor of P&ID.
However, on October 23, Justice Robin Knowles of the Commercial Courts of England and Wales decided in favor of Nigeria in the enforcement of a $11 billion P&ID Limited arbitration verdict.
According to the judge, the company’s award against Nigeria was gained through deception.
Justice Knowles also cleared Shasore of the case’s corruption charges.