Mr. Andrew Yakubu, former Group Managing Director of NNPC Photo: The Punch

Ex-NNPC GMD Yakubu says 98 percent of N3.8bn cash found in his home are gifts

*Accused of failure to make full disclosure of assets, receiving raw cash bordering on money laundering and intent to avoid a lawful transaction under law

Alexander Davis | ConsumerConnect

In the alleged money laundering case against him, Mr. Andrew Yakubu, former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), has said that 98 percent of the $9,772,800 and £74,000 cash recovered from a safe in his apartment in Kaduna State, Northern Nigeria, are gifts from his well-wishers.

According to Yakubu, two percent of the money is from the savings “he made” from the estacode he received while in office as the NNPC GMD.

The ex-GMD of NNPC in his evidence as the first defence witness in the resumed trial confirmed that the money in a safe, which is referred to in counts three and four of the charge against him was taken from his property, reports Channels TV.

The former NNPC Chief is standing trial for alleged money laundering offences levelled against him by the Economic and Financial Crimes Commission (EFCC) in a six-count charge on which he was arraigned on March 16, 2017.

Report further indicates that the alleged offences include failure to make full disclosure of assets, receiving cash without going through a financial institution, which borders on money laundering and intent to avoid a lawful transaction under law, transported at various times to Kaduna, totalling sums of $9,772,800 and £74,000 respectively.

EFCC said the money was recovered by its agents from a safe allegedly hidden by the defendant in a house in a community Kaduna State.

Justice Mohammed in a ruling May 2019 partially upheld Yakubu’s no-case submission by striking out two out of the six counts.

The Court of Appeal, Abuja, on the 24th of April 2020 partially upheld his appeal by striking out another two counts and ordered him to return to the trial court to enter his defence in relation to the remaining two counts.

Both Yakubu and the EFCC have since appealed the decision at the Supreme Court.

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