By Adedapo Adesanya
The former Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mr Andrew Yakubu, will on Wednesday, November 1 know the fate of his legal battle to compel the Economic and Financial Crimes Commission (EFCC) to release the sum of $9.8 million cash seized from his Kaduna residence since 2017.
The huge sum is being allegedly withheld by the anti-graft agency in violation of a subsisting order of the court.
At the final hearing of his legal battle against EFCC, Justice Inyang Ekwo, fixed November 1 to deliver judgment in the suit on the money seizure.
Mr Yakubu sued the EFCC, the Central Bank of Nigeria (CBN), and a commercial bank for their refusal to release the money after a high court in Abuja discharged and acquitted him of money laundering charges brought against him by the anti-graft agency.
A Federal High Court in Abuja had on March 31, 2022, kicked out the money laundering charges instituted against Mr Yakubu after the EFCC discovered $9,772, 800 ($9.7 million) and £74,000 in an apartment linked to him in 2017.
The EFCC had asked Justice Ahmed Mohammed to convict Mr Yakubu for an offence of money laundering and also order forfeiture of the money to the federal government.
However, the counsel to the former NNPC helmsman, Mr Ahmed Raji, raised an objection to the trial on the ground that the monies found in Mr Yakubu’s house were gifts from friends and associates.
Justice Mohammed had agreed with the defendant’s submissions, acquitted him, and ordered the release of his money to him which EFCC refused to comply with.
Instead, Mr Yakubu’s lawyer returned to court claiming that the monies had not been released as directed.
By way of originating summons, he asked the court to order the release of the money or in the alternative, direct that the money be deposited with the Federal High Court Registrar pending the determination of the suit.
Then the EFCC, through its lawyer, Mr Faruk Abdullah, raised objection to the application, saying appeals have been entered before the Court of Appeal in Abuja against the judgment of the Federal High Court.
After taking arguments from the parties involved in the matter, at the day’s proceedings, Justice Ekwo fixed November 1 to give a verdict on whether to compel EFCC to release the money or not.
Modupe Gbadeyanka