Kore Holdings: EFCC Tenders More Evidence Against Alleged $9.6 Billion P&ID Scam

The Economic and Financial Crimes Commission (EFCC) on Wednesday, April 2, 2025, submitted additional evidence against Kore Holdings Limited in relation to (P&ID) fraud case before Justice J. O. Abdulmalik of the Federal High Court in Abuja. This development is part of the Commission’s ongoing prosecution of the company in connection with the controversial $9.6 billion Process & Industrial Development (P&ID) fraud case.

Kore Holdings Limited was initially charged alongside its late director, Muhammed Kuchazi, on four amended counts bordering on non-compliance with the Federal Ministry of Industry, Trade, and Investment regulations, money laundering, and other financial crimes. During the proceedings, the prosecution presented crucial documents aimed at reinforcing their case against the company.

Key Testimony from Second Prosecution Witness

During the court session, the second prosecution witness (PW2), Umar Umar, provided crucial testimony under the guidance of EFCC counsel, Bala Sangha. Umar tendered eleven documents in evidence, including letters to the Corporate Affairs Commission (CAC) and the Special Control Unit Against Money Laundering (SCUML), as well as extra-judicial statements made by the late Kuchazi and other directors of Kore Holdings Limited.

The witness highlighted that Kore Holdings Limited remained an active business entity, contradicting any claims of liquidation. “Through our investigation and interactions with the CAC and First Bank of Nigeria Limited, we found no evidence to indicate that Kore Holdings Limited had been liquidated or shut down. Official records confirm the company’s active status,” Umar testified.

Kore Holdings’ Role in the P&ID Controversy

Further revelations from the witness emphasized Kore Holdings Limited’s involvement in the P&ID scandal. Umar disclosed that the company and its late director, Kuchazi, played a pivotal role in facilitating meetings between the former Minister of Petroleum, Rilwanu Lukman, and representatives of P&ID. In exchange for their services, Kore Holdings was promised a commission of three percent of the net profit from the P&ID project.

This arrangement ultimately led to Kuchazi testifying against the Federal Republic of Nigeria in the High Court of England and Wales in early 2023. His testimony was a crucial aspect of the legal battle between Nigeria and P&ID, which concluded with a verdict in favor of Nigeria, saving the country from a potentially crippling financial penalty.

Prosecution’s Strategy and Legal Implications

The additional evidence presented by the EFCC underscores the depth of Kore Holdings Limited’s alleged complicity in the P&ID fraud case. By submitting statements from multiple company directors—Mustapha Kuchazi, Bello Kuchazi, Belkisu Kuchazi, and Aisha Kuchazi—the prosecution aims to establish a pattern of financial misconduct and regulatory breaches.

Legal experts following the case suggest that the EFCC’s strategy is to demonstrate that Kore Holdings knowingly engaged in illicit dealings that contributed to Nigeria’s entanglement in the P&ID dispute. The case highlights broader concerns about corporate governance and accountability in Nigeria’s business sector.

Court Adjourns for Further Hearing

After reviewing the presented evidence, Justice Abdulmalik adjourned the case to September 24, 2025, for the continuation of trial. The upcoming hearings are expected to provide further insights into the role played by Kore Holdings Limited and its executives in the P&ID affair.

With this adjournment, the prosecution is likely to strengthen its case further, possibly calling additional witnesses or presenting new evidence. Meanwhile, legal analysts and financial watchdogs continue to monitor the proceedings, as the case has significant implications for Nigeria’s fight against financial fraud and corporate malpractice.