EFCC unveils more explosive evidence against Kore Holdings in $9.6b P&ID fraud case

The Economic and Financial Crimes Commission (EFCC) has dropped more damning evidence in the ongoing $9.6 billion Process & Industrial Development (P&ID) scam.

On Wednesday, April 2, 2025, the EFCC presented additional proof against Kore Holdings Limited before Justice J. O. Abdulmalik of the Federal High Court in Abuja.

The company, along with the late Muhammed Kuchazi, is facing prosecution on amended four-count charges that include non-compliance with the Federal Ministry of Industry, Trade and Investment’s requirements, money laundering, and other illicit activities.

During the proceedings, the second prosecution witness, Umar Umar, provided critical testimony, presenting eleven new documents to the court.

These included a letter of request to the Corporate Affairs Commission (CAC), a letter to the Special Control Unit against Money Laundering (SCUML), and the extra-judicial statements of Kuchazi. Also tendered were statements from other company directors: Mustapha Kuchazi, Bello Kuchazi, Belkisu Kuchazi, Aisha Kuchazi, and the first prosecution witness, Temitope Erinomo.

Umar confirmed that Kore Holdings Limited had not been liquidated but was, in fact, an active company. He explained that the investigation revealed no evidence showing that Kore Holdings was closed or dissolved, noting, “The status of Kore Holdings Limited through our investigation and interaction with the Corporate Affairs Commission, CAC, and First Bank of Nigeria Limited revealed that there was no evidence to show that it was liquidated or closed up because the documents showed that the company is active.”

Furthermore, Umar detailed the involvement of Kore Holdings and Muhammed Kuchazi in facilitating meetings between Rilwanu Lukman, the former Minister of Petroleum, and P&ID. These meetings, he revealed, were for a fee of three percent of the net profit from the P&ID project, which later led Kuchazi to testify against Nigeria in the High Court of England and Wales in the case of Nigeria Vs P&ID in early 2023. The judgment, which was delivered in favor of Nigeria, was a major victory in the ongoing legal battle.

Justice Abdulmalik adjourned the case until September 24, 2025, for the continuation of the trial. The EFCC’s latest presentation of evidence further intensifies the legal battle, with Kore Holdings facing mounting pressure as the $9.6 billion fraud case continues to unfold.