- A federal high court in Abuja has freed Andrew Yakubu, former Group Managing Director of the Nigeria National Corporation (NNPC) of money laundering charges
- The EFCC raided Yaukubu's Kaduna house in 2017 and confiscated $9.772,800 and 7,000 pounds stashed in a fireproof safe
- The EFCC said that Yakubu did not receive the money via any bank as stipulated in the money laundering act
A Federal High Court in Abuja has discharged and exonerated Andrew Yakubu, former Group Managing Director of the Nigeria National Corporation (NNPC) accused by the Economic and Financial Crimes Commission (EFCC) of money laundering.
'Fireproof' money laundering
The EFCC had, in 2017 stormed the Yakubu's residence in Kaduna and confiscated cash of about $9,772.800 and 74, 000 pounds kept in a fireproof safe.
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Yakubu was arraigned by the EFCC on a six-count charge of money laundering. He pleaded not guilty to the allegations. Yakubu said the money was gifts given by well-wishers.
History of court decisions
According to the EFCC, Yakubu got the money without channeling it through banks or any financial institution, against the money laundering prohibition act.
The Punch reports that the EFCC contended that Section 1(A) of the Money Laundering Act says that no person shall except in a transaction through a financial institution make or accept payment of a sum above 5 million or its equivalents.
In his deposition, Yakubu stated that the money was gotten in tranches and in bulk and that they were goodwill from well-wishers after he left office.
He stated that the reason for keeping the money at home was to invest it in a business.
EFCC had asked the court for an order of interim forfeiture of and was granted by a Kano high court.
Yakubu appealed the court’s decision.
FIRS official who fraudulently received over N300 million in travel allowance gives up N104m property to court
Legit.ng has reported that Nigeria’s anti-corruption agency, the Economic and Financial Commission (EFCC), has obtained an interim forfeiture of two properties worth about N104 million to court which belongs to Aminu Sidi Garunbaba who is a staff of the Federal Inland Revenue.
The EFCC, through its lawyer, Ekele Iheanacho brought an application in accordance with Section 17 of the Advance Fee Fraud and other Fraud Related Offences Act of 2006.