Wednesday, February 15, 2017

NEWS: Court Orders Forfeiture of $9.8m Recovered From Former NNPC GMD, Yakubu to FG

                           
Federal High Court sitting in Kano on Tuesday ordered the forfeiture of the sum of $9,772,00 recovered from a former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Andrew Yakubu, to the Federal Government.
The order was sequel to an ex parte application by the EFCC seeking an interim forfeiture of the recovered money to the Federal Government.
The application was moved by Salihu Sani, counsel for the applicant.
In her ruling, Justice Zainab .B. Abubakar held:



 "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"

Operatives of the Economic and Financial Crimes Commission had on February 3, recovered a 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 at a house belonging to the former NNPC boss.

The surprise raid of the facility was sequel to an intelligence which the commission received about suspected proceeds of crime believed to be hidden in the slums of Sabon Tasha area of Kaduna.
On February 8, Andrew Yakubu reported to the Commission's Zonal office in Kano and made statement where he admitted ownership of the recovered money, claiming it was gift from unnamed persons. He is currently assisting the investigation.

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