Court orders EFCC to transfer ex-NNPC chief, Yakubu’s seized $9.8m to registrar’s account

Justice Inyang Ekwo of the Federal High Court, Abuja, on Monday, ordered the Economic and Financial Crimes Commission (EFCC) to immediately transfer the $9.8 million and £74,000 recovered from the former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu to an account supervised by the court’s chief registrar.

The judge gave the order while ruling on an application filed by the ex-NNPP boss on the seized funds.

Yakubu approached the court in a bid to compel the EFCC to release the money following his acquittal for money laundering by the same court.

in the originating summons marked FHC/ABJ/CS/231/2023 and filed through his counsel, Ahmed Raji, the ex-NNPC boss urged the court to order the defendants to immediately release the monies to him pending the determination of the EFCC’s appeal.

Alternatively, Yakubu asked the court to direct the defendants to immediately transfer the said funds into an account under the control of the chief registrar or into an account to be operated by the chief registrar, the commission, and him pending the determination of the appeal.

READ ALSO: Ex-NNPC GMD, Yakubu knows fate on seized $9.8m November 1

The EFCC operatives on February 3, 2017, raided the property of the former NNPC chief in Kaduna and recovered $9.8 million and £74,000 stashed in a fire-proof safe.

The commission alleged that he omitted the monies in the asset declaration form in 2015.

Yakubu was arraigned on a six-count charge of money laundering and false declaration of assets on March 16, 2017,

However, Justice Ahmed Mohammed discharged and acquitted him of the charges in a ruling delivered in March 2022.

In Monday’s proceeding, Justice Ekwo held that the order that any sum of money to be paid into an account maintained by the chief registrar of the court was usually made following the facts and circumstances of the case.

He said: “Such order does not by any measure give advantage to any of the parties.

“It is neither res novo nor new law for the court to make an order for any sum of money in contention between the parties to be kept in a neutral account pending conclusion of proceedings.

“Parties who truly seek justice in their matter are more assured where the court makes an order that ensures the neutrality of the custody of the funds which form the rest of the cause of action.

“It is on this ground and the other grounds which I have considered in the cause of this judgement that I find that the plaintiff has made a compelling case on the merit and ought to succeed and I so hold.”

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