A ruling on the ownership of $9.8 million cash seized from the former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, is set to be delivered on November 1. This comes as Yakubu sought legal redress to compel the Economic and Financial Crimes Commission (EFCC) to release the seized cash, which has been held in his Kaduna residence since 2017.
The money in question has allegedly been withheld by the EFCC, in violation of a court order. Justice Inyang Eden Ekwo has scheduled the judgment for November 1.
Yakubu filed a lawsuit against the EFCC, Central Bank of Nigeria (CBN), and a commercial bank for their refusal to release the money, despite his acquittal from money laundering charges by a high court in Abuja. A Federal High Court in Abuja had dismissed the money laundering charges against Yakubu on March 31, 2022, after the EFCC discovered $9,772,800 and £74,000 in an apartment linked to him in 2017.
The EFCC had requested that Yakubu be convicted of money laundering and that the money be forfeited to the Federal Government, but Ahmed Raji, SAN, the lawyer representing the ex-NNPC GMD, objected to the trial. Raji argued that the funds found in Yakubu’s house were gifts from friends and associates.
Justice Mohammed agreed with the defendant’s submissions, acquitting him and ordering the release of his money. However, the EFCC refused to comply with the court’s order and did not release the funds to Yakubu.
Yakubu’s lawyer returned to court, claiming that the money had not been released as ordered by the court. Through an originating summons, he requested that the court either order the release of the money or direct that it be deposited with the Federal High Court Registrar pending the final determination of the suit.
The EFCC, represented by its lawyer, Faruk Abdullah, objected to the application, citing ongoing appeals filed before the Court of Appeal in Abuja against the judgment of the Federal High Court.
During Monday’s proceedings, Justice Ekwo heard arguments from all parties involved in the suit and fixed November 1 as the date for the verdict on whether to compel the EFCC to release the money or not.
As the legal battle continues, the fate of the $9.8 million cash hangs in the balance, with both parties eagerly awaiting the court’s decision.
