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Ex-NNPC Boss Andrew Yakubu Facing Fraud Charges, After Forfeiting N3bn

The Economic and Financial Crimes Commission will charge former Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Andrew Yakubu, for alleged fraud.

This is coming after a Federal High Court in Kano, presided over by Justice Zainab Abubakar, on Tuesday, ordered the forfeiture of the sum of $9.7m (N2.96bn) and £74,000 (N28.19m) recovered from Yakubu to the Federal Government.

The huge money was uncovered hidden in a bungalow in a local area in Kaduna.

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.

With the recent discovery of undeclared funds, sources within EFCC are now in doubt whether he would remain a prosecution witness.

The source said Yakubu gave operatives the impression that he was broke.

An EFCC source told Punch that, “Yakubu was reporting to our office in Abuja almost on a weekly basis. Sometimes, he would dress as if he had no money. Imagine our surprise when we stumbled on his loot.”

The detective said the former NNPC boss also failed to make a full declaration of his assets when he completed his EFCC Asset Declaration Form A last year.

Asked if the EFCC had been able to determine the source of the recovered funds, the detective said investigations, so far, implied that the money, which Yakubu termed ‘gifts’, were kickbacks.

He said, “The fraud at the NNPC is very deep-rooted. There are various aspects of our investigation but so far, we believe that the monies found at Yakubu’s house are kickbacks.

“You will also recall that the NNPC gets about 445,000 barrels of crude oil per day for the swap deal. Under the swap deal, the NNPC takes out the 445,000 barrels daily to foreign refineries where they are refined.

Nigeria is supposed to be given petrol, kerosene and diesel in return. However, a large portion of the crude goes missing on the high seas. These have been sources of income for past NNPC top management.”

The Economic and Financial Crimes Commission will charge former Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Andrew Yakubu, for alleged fraud.

This is coming after a Federal High Court in Kano, presided over by Justice Zainab Abubakar, on Tuesday, ordered the forfeiture of the sum of $9.7m (N2.96bn) and £74,000 (N28.19m) recovered from Yakubu to the Federal Government.

The huge money was uncovered hidden in a bungalow in a local area in Kaduna.

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.

With the recent discovery of undeclared funds, sources within EFCC are now in doubt whether he would remain a prosecution witness.

The source said Yakubu gave operatives the impression that he was broke.

An EFCC source told Punch that, “Yakubu was reporting to our office in Abuja almost on a weekly basis. Sometimes, he would dress as if he had no money. Imagine our surprise when we stumbled on his loot.”

The detective said the former NNPC boss also failed to make a full declaration of his assets when he completed his EFCC Asset Declaration Form A last year.

Asked if the EFCC had been able to determine the source of the recovered funds, the detective said investigations, so far, implied that the money, which Yakubu termed ‘gifts’, were kickbacks.

He said, “The fraud at the NNPC is very deep-rooted. There are various aspects of our investigation but so far, we believe that the monies found at Yakubu’s house are kickbacks.

“You will also recall that the NNPC gets about 445,000 barrels of crude oil per day for the swap deal. Under the swap deal, the NNPC takes out the 445,000 barrels daily to foreign refineries where they are refined.

Nigeria is supposed to be given petrol, kerosene and diesel in return. However, a large portion of the crude goes missing on the high seas. These have been sources of income for past NNPC top management.”