A Federal High Court in Abuja has issued an order directing the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to immediately transfer the recovered funds of $9.8 million and £74,000 from Andrew Yakubu, the former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), to an account under the control of the chief registrar of the court. The judgment was delivered by Justice Inyang Ekwo, who found that the EFCC and CBN had not been transparent in providing information about the whereabouts of the funds in question.
The court’s decision comes in response to a suit filed by Mr. Yakubu against the EFCC, CBN, and Guaranty Trust Bank (GTB), accusing them of refusing to release his funds after being acquitted of fraud charges. In February 2017, the EFCC conducted a raid on Mr. Yakubu’s property in Kaduna, where they discovered the substantial sum of money hidden in a fire-proof safe. The funds were allegedly omitted from Mr. Yakubu’s asset declaration form. He was subsequently arraigned before Justice Ahmed Mohammed on charges of money laundering and false declaration of assets. However, in March 2022, he was discharged and acquitted of all charges.
In his originating summons, Mr. Yakubu asked the court to determine whether the EFCC should still retain his seized funds after his acquittal. He requested an order for the immediate release of the funds to him, or alternatively, for the funds to be transferred to an account under the control of the chief registrar of the court, to be operated jointly by the EFCC, himself, and the chief registrar, pending the outcome of the appeal filed by the EFCC.
Justice Ekwo explained that the order to hold any sum of money in the custody of the chief registrar is a customary practice based on the specific circumstances of each case. He emphasized that such an order does not favor any party involved but ensures the neutrality of the custody of the funds until the conclusion of proceedings. The judge ruled that the EFCC and CBN must produce the funds in question and place them in a secure account that guarantees their existence, safekeeping, and accessibility to the rightful parties at the conclusion of the appeal.
This judgment affirms the compelling case presented by Mr. Yakubu and acknowledges that justice demands the preservation of the funds until all legal processes are concluded. This decision aims to restore confidence in the judicial system and reassures all parties involved that the funds will be securely held until a final resolution is reached.
By adhering to the principles of transparency and impartiality, this court order sets a precedent for fair and equitable treatment in similar cases, thereby upholding the rule of law in Nigeria.
NAN
