A former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu, will on 1st November know his fate as the court rules on the suit he filed to compel the Economic and Financial Crimes Commission (EFCC) to release to him $9.8 million cash seized in his Kaduna residence since 2017.
The cash is allegedly seized by the commission in violation of a subsisting order of the court.
After taking arguments from parties involved in the suit fixed on Monday, Justice Inyang Eden Ekwo fixed a date to give a verdict on whether to compel EFCC to release the money or not.
Yakubu dragged the EFCC, Central Bank of Nigeria (CBN), and a commercial bank to court for their refusal to release the money after a high court in Abuja discharged and acquitted him from money laundering charges brought against him by the anti-graft agency.
A Federal High Court in Abuja had on 31st March 2022, quashed the money laundering charges instituted against Yakubu after the EFCC discovered $9, 772, 800 and £74, 000 in an apartment linked to him in 2017.
The EFCC had asked Justice Ahmed Ramat Mohammed to convict Yakubu for an offence of money laundering and also order forfeiture of the money to the federal government.
The lawyer to the ex-NNPC GMD, Ahmed Raji, a Senior Advocate of Nigeria, raised an objection to the trial on the ground that the money found in Yakubu’s house were gifts from friends and associates.
Justice Mohammed had agreed with the defendant’s submissions, acquitted him and ordered the release of his money to him which EFCC refused to comply with.
Yakubu’s lawyer returned to court claiming that the money had not been released as directed by the court.
By way of originating summons, he asked the court to order the release of the money or in the alternative, direct that the money be deposited with the Federal High Court registrar pending the determination of the suit.
Through its lawyer, Faruk Abdullah, the EFCC raised an objection to the application saying appeals have been entered before the Court of Appeal in Abuja against the judgement of the Federal High Court.
