Home > Capital Matters > EFCC gets nod to seize Yakubu’s $9.772m, 74,000 pounds

EFCC gets nod to seize Yakubu’s $9.772m, 74,000 pounds

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A Federal High Court sitting in Kano, presided over by  Justice Zainab B. Abubakar, ordered the forfeiture of the US$9,772,00 and  £74,000 by a former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC),  Mr. Andrew Yakubu, to the Federal Government.

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The order was sequel to an ex-parte application by the EFCC seeking an interim forfeiture of the recovered money to the Federal Government.

A statement by the Head of Media and Publicity of EFCC, Mr. Wilson Uwujaren, said the ex parte application was moved by Salihu Sani, counsel to the applicant.
The statement said: “In her ruling, Justice Zainab held that the sum of $9,772,000 and £74,000  which are now in the custody of the applicant (EFCC) are in the interim forfeited to the Federal Government of Nigeria.”

“On the 3rd day of February, 2017, operatives of the Commission had stormed a building belonging to the former NNPC boss and recovered a staggering sum of $9,772,000 and £74,000 stashed in a huge fire proof safe. On February 8, 2017, Yakubu reported to the Commission’s Kano Zonal Office where he admitted being the owner of both the house and the money recovered.

“Yakubu is still in custody assisting the investigation.”
The  Minister of Information and Culture, Alhaji Lai Mohammed,  on Sunday said the “whistle-blower policy has started yielding fruit as it has so far led to the recovery of US$151 million and N8billion in looted funds”.

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Andrew Yakubu

He said: “The looted funds, which do not include the $9.772 million in cash allegedly owned by a former Group Managing Director of the NNPC (which was also a dividend of the whistle-blower policy), were recovered from just three sources through whistle-blowers who gave actionable information to the office of the Minister of Justice and Attorney-General of the Federation.

“The biggest amount of $136,676,600.51 was recovered from an account in a commercial bank, where the money was kept under an apparently fake account name, followed by
N7billion  and $15million from another person and  N1billion  from yet another.

‘’When we told Nigerians that there was a primitive and mindless looting of the national treasury under the last Administration, some people called us liars.

“Well, the whistle-blower policy is barely two months old and Nigerians have started feeling its impact, seeing how a few people squirreled away public funds.

“It is doubtful if any economy in the world will not feel the impact of such mind-boggling
looting of the treasury as was experienced in Nigeria.

‘’Yet whatever has been recovered so far, including the $9.8million by the EFCC, is just a tip of the iceberg.”

 

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