The Economic and Financial Crimes Commission (EFCC), has shared its reasons for withholding alleged stashed loot that its operatives had recovered from the home of a former Group Managing Director, GMD, of the Nigerian National Petroleum Corporation, (NNPC), Mr. Andrew Yakubu.
Africa Today News, New York reports that Yakubu had served as the GMD of the NNPC between 2012 and 2014.
The EFCC, through its lawyer, Mr. Faruk Abdullah, told the Federal High Court sitting in Abuja, that it has gone before the Court of Appeal to set aside the judgement that dismissed a money laundering case it instituted against the former NNPC boss.
It would be improper to restore the seized cash to Yakubu, claims the commission, given that a legal dispute regarding them is still pending before the appeal court.
As a result, it requested that the high court reject a suit the former NNPC GMD brought to compel it to give the money back to him.
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It will be recalled that the anti-graft agency had on the strength of a tip-off by a whistleblower, raided Yakubu’s guest house situated at Sabon Tasha, Kaduna State in 2017 and discovered the sum of $9.7million and £74,000 which he hid in a fireproof safe inside the house.
Subsequently, the Federal High Court in Kano, on February 13, 2017, granted an interim order for the recovered monies to be forfeited to the federal government.
The Court of Appeal sitting in Kaduna, in 2018, upheld the forfeiture order.
However, following his arraignment on money laundering charge, Yakubu, told the trial court that the seized monies were part of gifts he received on various occasions.
He told the court that people gave him monetary gifts on occasions such as birthdays, thanksgiving services, and other celebrations he hosted after he left service.