It is fair to say that the Federation account should be getting ready for a credit boost after a court ordered that the $9.8 million and 74,000 pounds recovered from a former Group Managing Director of the Nigeria National Petroleum Corporation (NNPC) be forfeited to the Government.
The cash recovered at a house in Kaduna belonging to Andrew Yakubu amounts to about N3 billion in total. Mr. Yakubu had earlier insisted that the money was proceeds from gifts he received in office.
The spokesperson for the EFCC, Wilson Uwujaren, said in a statement that the surprise raid of the facility was sequel to an intelligence which the commission received about suspected proceeds of crime believed to be hidden in the slums of Sabon Tasha area of Kaduna.
On arrival at the facility, the caretaker of the house, one Bitrus Yakubu, a younger brother to Andrew Yakubu, disclosed that both the house and the safe where the money was found belong to his brother, Andrew Yakubu.
When the safe was opened it was discovered that it contained the sum of $9,772,800 and another sum of £74,000.
The Federal High Court in Kano presided over by Justice Zainab Abubakar ordered the forfeiture on Tuesday.
The order was sequel to an ex parte application by the EFCC seeking an interim forfeiture of the recovered money to the Federal Government.
The application was moved by Salihu Sani, counsel for the applicant.
In her ruling, Justice Zainab held
“That the sum of $9,772,000 (Nine Million, Seven Hundred and Seventy Two Thousand United States Dollars) and £74,000 (Seventy Four Thousand Pound Sterling) which are now in the custody of the applicant (EFCC) are in the interim forfeited to the Federal Government of Nigeria”
On February 8, the former NNPC GMD reported to the Commission’s Zonal office in Kano and made statement wherein he admitted ownership of the recovered money.