The Nigerian anti-fraud office, the Economic and Financial Crimes Commission (EFCC), has charged two British citizens with 16 counts of money laundering.
The authorities say James Richard Nolan and Adam Quinn are directors of the firm Process and Industrial Developments (P&ID).
The company won an arbitration award against the Nigerian government over a gas project that failed which is now worth $9bn (£7bn)
A lawyer representing Mr Nolan and Mr Quinn entered a not guilty plea to the money laundering charges put forward by the EFCC.
Mr Quinn is at large but Mr Nolan has been remanded in prison until his application for bail is considered.
In a statement, the EFCC said P&ID had failed to report a deposit of $125,000 in a local account.
The agency also says the company did not declare its activities in Nigeria to the trade ministry.
This is the latest development in a protracted battle between the British Virgin Islands-based firm and the Nigerian government, over an aborted gas deal dating back to 2010.
P&ID claims the failure of successive administrations to deliver their end of the deal, led it to suffer massive losses.
The Nigerian government says the deal was designed to fail and that the arbitration award was unfair.
Latest Stories
-
Man shot dead in Keri in latest incident of violence
3 hours -
Tema-Mpakadan Railway to open on October 1 – Transport Minister
4 hours -
NDC risks division if ‘Thank You Tours’ not properly managed – Dr Asah-Asante
4 hours -
Atletico and UEFA to review ‘spit’ footage during Liverpool match
4 hours -
Fashion risks going backwards on diversity, says ex-Vogue boss Edward Enninful
4 hours -
Malawi’s parties warned not to prematurely declare election victory
4 hours -
Egypt says 3,000-year-old bracelet was stolen and melted down
4 hours -
Togo leader’s sister-in-law arrested after calling for end to family rule
5 hours -
Leonardo DiCaprio on why his new film addresses ‘divisiveness in our culture’
5 hours -
Woman arrested in Tamale for allegedly possessing drugs
5 hours -
At least 10 dead in Lagos high-rise office building fire
5 hours -
Trump says TV networks ‘against’ him should ‘maybe’ lose license, after Kimmel suspension
5 hours -
Canada and Mexico agree to deepen ties amid Trump trade war
5 hours -
Facebook owner unveils new AI-powered smart glasses
6 hours -
Chipmaker Nvidia to invest $5bn in rival Intel
6 hours