Court acquits Former NNPC GMD of Money Laundering Charges

The Federal High Court has discharged and acquitted Andrew Yakubu, a former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) on a money laundering case. against him.

The Economic and Financial Crimes Commission (EFCC) raided Mr Yakubu’s residence in Kaduna State and found $9,772, 800 and £74, 000 stashed in a fireproof safe in 2017.

On March 16, 2017, Yakubu was arraigned on a six-count charge bordering on money laundering which he pleaded not guildy, says the money was given to him as gifts by well-wishers.

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EFCC argued that Yakubu received the money without going through a financial institution as stated under the money laundering prohibition act, In counts 3 and 4.

They submitted that Section 1(A) of the money laundering prohibition act states that “No person shall, except in a transaction through a financial institution make or accept cash payment of a sum exceeding N5 million or its equivalent.“

Yakubu in his testimony revealed to the court that the money was received in trenches and not in bulk and that the money was as goodwill from his well-wishers after he left office.

He says that the purpose of keeping the money at home was to think of a business venture that he wish to invest in.

The EFCC sought an order for the interim forfeiture of the money which was granted by the federal high court, Kano division.

However, Yakubu appealed the decision of the lower court in an appeal marked: SC/639/2018.

On April 24, 2020, the court of appeal delivered a judgement and ordered Mr Yakubu to open his defence.

The presiding judge, Justice Ahmed Mohammed, on Thursday, discharged and acquitted him ordering the central bank to return the said money to Yakubu.