Andrew Yakubu to forfeit N3bn to FG

Andrew Yakubu to forfeit N3bn to FG
February 15 09:45 2017

A Federal High Court, sitting in Kano, has ordered the forfeiture of of $9.7m (N2.96bn) and £74,000 (N28.19m) recovered from a former Group Managing Director of the Nigerian National Petroleum Corporation, Andrew Yakubu, to the Federal Government.

Justice Zainab Abubakar on Tuesday ordered the temporary forfeiture of the cash recovered from the ex-NNPC GMD’s residence in Kaduna.

The Economic and Financial Crimes Commission sources said the commission will, in a matter of days, charge  Yakubu to court for alleged fraud.

The EFCC had, last week, said it uncovered the huge money, hidden in a bungalow belonging to Yakubu.

Yakubu was arrested and arraigned alongside the Chairman of Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concept Limited, Jide Omokore, last year, but was later converted to a prosecution witness.

The sources added that Yakubu may no longer be useful as a prosecution witness with the latest discovery of undeclared funds.