Seized $9.8m: Court To Rule On Ex-NNPC MD’s Ownership Claim Nov 1

A former Group Managing Director (GMD) of the defunct Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu, will on November 1, 2023 know his fate as the court is set to rule on the suit he filed to compel the Economic and Financial Crimes Commission (EFCC) to release to him $9.8 million cash seized from his Kaduna residence since 2017.

The cash was seized by the commission in violation of a subsisting court order.

Justice Inyang Eden Ekwo fixed November 1 to deliver judgment in the suit.

Yakubu had dragged the EFCC, Central Bank of Nigeria (CBN), and a commercial bank for their refusal to release the money to him after a High Court in Abuja had discharged and acquitted him from money laundering charges brought against him by the anti-graft agency.

A Federal High Court in Abuja had on March 31, 2022 quashed the money laundering charges instituted against Yakubu after the EFCC discovered $9,772,800 and £74,000 in an apartment linked to him in 2017.

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The EFCC had asked Justice Ahmed Ramat Mohammed to convict Yakubu for an offence of money laundering and also order forfeiture of the money to the Federal Government.

But Ahmed Raji, SAN, lawyer to the ex-NNPC GMD raised an objection to the trial on the ground that the monies found in Yakubu’s house were gifts from friends and associates.

Justice Mohammed had agreed with the defendant’s submissions, acquitted him and ordered the release of his money to him, which EFCC refused to comply with.

Yakubu’s lawyer returned to court claiming that the monies had not been released to his client as directed by the court.

By way of originating summons, he asked the court to order the release of the money or in the alternative, direct that the money be deposited with the Federal High Court Registrar pending the determination of the suit.

But the EFCC, through its lawyer, Faruk Abdullah, raised objection to the application saying appeals have been entered before the Court of Appeal in Abuja against the judgment of the Federal High Court.

At Monday’s proceedings, Justice Ekwo, after taking arguments from parties involved in the suit, fixed November 1, 2023 to give verdict on whether to compel EFCC to release the money or not.