Court orders EFCC CBN to deposit money seized from former NNPC GMD Andrew Yakubu into the registrar’s account Images (12)
The Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) were directed by a Federal High Court (FHC) in Abuja on Monday to promptly move the $9.8 million and £74,000 that were retrieved from Andrew Yakubu, the former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), to an account managed by the chief registrar of the court.
In a ruling, Justice Inyang Ekwo stated that he believed the EFCC and CBN had not been honest regarding the whereabouts of the money at issue in the lawsuit.
“Therefore, in this case, the proper order to make is that which can assure all parties that the sums are in the custody that can make them retrievable by any of the parties entitled thereto eventually,” he stated. This is while the Federal Government’s appeal against a sister court’s decision is being considered. The suit number for this case is FHC/ABJ/CR/43/2017.
In response to a court ruling clearing him of fraud allegations, Mr. Yakubu had sued the commission, CBN, and the Guaranty Trust Bank, GTB, as first and third defendants, respectively, alleging that they had refused to release his $9,773,200.00 and £74,000.00.
When EFCC agents raided the former NNPC chief’s Kaduna house on February 3, 2017, they found £74,000 and $9.8 million hidden in a fireproof safe.
It was claimed that he had left out the funds on the 2015 EFCC asset declaration form that he was required to complete.
On March 16, 2017, Mr. Yakubu was charged with six counts related to money laundering and fraudulent asset declaration before Justice Ahmed Mohammed of the Federal House of Representatives.
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But the judge cleared and dismissed Yakubu from the accusations in March 2022.
In the meantime, another judge, Yakubu, through his attorney, Ahmed Raji, urged the court to decide whether the EFCC should continue to hold his confiscated funds following the judgement in the originating summons, marked, FHC/ABJ/CS/231/2023, filed before Justuce Ekwo.
He asked the court to issue an order compelling the defendants to give him the money right away while the EFCC’s appeal was being heard.
Alternatively, Yakubu requests an order compelling the defendants to promptly transfer the aforementioned funds into an account managed by the chief registrar of the FHC or into an account that will be jointly managed by the EFCC, the chief registrar, and him while the appeal is being decided.
Justice Ekwo delivered the verdict, ruling that the order to pay any amount of money into the chief registrar of the court’s account is often made in accordance with the case’s facts and circumstances.
“By all means, none of the parties benefits from this order.
“The court’s direction that any amount of money in dispute between the parties be held in a neutral account until the proceedings are concluded is neither res novo nor new law.
“When the court issues an order that guarantees the neutrality of the custody of the funds which form the res of the cause of action, parties who genuinely seek justice in their matter are more assured,” the speaker stated.
He claims that the justice of this case requires the first and second defendants to produce the money at issue and place it in a custody that guarantees its existence, safekeeping, and accessibility by anybody who is entitled to it at the end of the appeal.
“I hold that the plaintiff has made a strong case on merit and should succeed, based on these and other grounds that I have taken into consideration in the cause of this judgement,” the court stated.
In NAN
