EFCC ordered to forfeit funds recovered from Andrew Yakubu raid to FG

A Federal High Court in Kano has ordered the forfeiture of the sum of $9,772,000 and £74,000 recovered from former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu, to the Federal Government.

On the 3rd of February 2017, operatives of EFCC had stormed a building belonging to former NNPC boss, Andrew Yakubu and recovered the staggering sum of $9,772,000 (Nine Million, Seven Hundred and Seventy Two Thousand United States Dollars) and £74,000 (Seventy Four Thousand Pound Sterling) stashed in a huge fire proof safe.

In the ruling presided over by, Justice Zainab B. Abubakar the verdict read that “The sum of $9,772,000 (Nine Million, Seven Hundred and Seventy Two Thousand United States Dollars) and £74,000 (Seventy Four Thousand Pound Sterling) which are now in the custody of the applicant (EFCC) are in the interim forfeited to the Federal Government of Nigeria.”

According to a detective who communicated with PUNCH, “The fraud at the NNPC is very deep-rooted. There are various aspects of our investigation but so far, we believe that the monies found at Yakubu’s house are kickbacks.

“You will also recall that the NNPC gets about 445,000 barrels of crude oil per day for the swap deal. Under the swap deal, the NNPC takes out the 445,000 barrels daily to foreign refineries where they are refined.

“Nigeria is supposed to be given petrol, kerosene and diesel in return. However, a large portion of the crude goes missing on the high seas. These have been sources of income for past NNPC top management.”

Source: PUNCH