• Monday, April 15, 2024
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Former NNPC GMD’s $9.8m cash seizure: Court to deliver verdict on Nov 1


Justice Inyang Ekwo of the Federal High Court in Abuja has scheduled November 11 for the verdict in the case filed by Andrew Yakubu, a former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), against the Economic and Financial Crimes Commission (EFCC).

The suit pertains to Yakubu’s request for the release of $9.8 million in cash that was seized at his Kaduna residence in 2017. The decision came after both parties presented and argued their final written submissions.

Read also:EFCC: Court jails 3 over internet fraud in Kwara

The EFCC had conducted a sting operation at a property linked to Yakubu following reports of large sums of foreign currency being stored there.

Subsequently, Yakubu faced money laundering charges before the Federal High Court in Abuja, to which he pleaded not guilty.

After the trial, Justice Ahmed Mohammed of the Federal High Court, Abuja, ruled last year that the EFCC had failed to establish its case against Yakubu and dismissed the money laundering charges.

Following the former NNPC boss’s acquittal, the court had issued an order for the release of his money, which the anti-graft agency did not comply with, leading to the current legal proceedings.

Yakubu, represented by his lawyer, Ahmed Raji, filed an originating summons requesting the court to either order the immediate release of the funds or, as an alternative, instruct that the money be held by the Federal High Court Registrar until the case’s resolution.

In response, the EFCC, represented by its lawyer, Faruk Abdullah, objected to the application, citing pending appeals filed before the Court of Appeal in Abuja against the Federal High Court’s judgement.

However, after considering the arguments of both parties, the judge scheduled the verdict for November 1 of this year.