Godwin Tsa Abuja
Former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu, yesterday, opened his defence in the money laundering charge against him, maintaining that the $9.7 million and £74, 000.00 fund in his house by the Economic and Financial Crimes Commission (EFCC) were personal gifts.
In 2017, officials of the EFCC acting on a a tip-off by a whistleblower, raided the guest house of Yakubu at Sabon Tasha, Kaduna State, and recovered the monies which were in foreign currencies.
The anti-graft agency alleged Yakubu hid the monies in a fireproof safe in the house.
The monies has since been forfeited to the Federal government by an order of a Federal High Court in Kano secured in February 13, 2017 by the EFCC.
The former NNPC boss was initially arraigned on a six-count criminal charge, but the court had on May 16, 2019, struck out counts 5 and 6 of the charge based on a no-case-submission that was made by him.
The charges were further reduced to only counts 3 and 4 by the Abuja Division of the Court of Appeal which struck out counts 1 and 2 of the charge.
In the sustained counts, three and four of the charge marked FHC/ABJ/ CR/ 43/ 2017, the EFCC, alleged that Yakubu had between 2012 and 2014, without going through a financial institution, received cash payments of $9, 772, 800 and £74, 000, and thereby committed an offence contrary to section 1 of Money Laundering (Prohibition) Act 2012 and punishable under section 16(2) of the Act.
Yakubu had on March 16, 2017, pleaded not guilty to the charge, even as the court granted him bail to the tune of N300million.
Testifying , yesterday, Yakubu revealed before the Abuja division of the Federal High Court that he received the huge sum of monies in tranches of not more than $10,000 as gifts after he left office.
The defendant who was led in evidence by his counsel, Mr. Ahmed Raji, SAN, said: “As I stated in my statement with the EFCC, the money found in the safe, is mine. The money was not received in bulk. It was received in tranches of not more than $10, 000. 00 and not more than £5, 000. 00 pounds. Substantial part of that amount was given to me after I left service. It was given to me on such occasions as birthdays, thanksgiving services, and other celebrations that I hosted after leaving my office. I also hosted marriages of my daughters. In fact, over 98 per cent of the money came from gifts.
“The purpose of keeping the money was to think of business ventures I will embark on; but it was not my intention to go into business investment without going through a financial institution.
“Since the money was given to me unexpected, I kept the money in safety, in a safe, pending when I decide on specific business venture to embark on. And as soon as the decision is crystalized, the business would be funded through the financial institutions.
“For over 25 years, I had reason by virtue of my schedule to travel to many parts of the world. I was entitled to estacodes in U.S. dollars.
“Any saving I made during the trip, I came back and saved. The other two per cent of the funds recovered from my safe was from such savings I made from travels.
“The prevailing rate of dollar at that time was average of N150 to a dollar and N250 to pound sterling. That was about the bank rate at that time”.
When asked the time frame within which the safe was placed in the location, Yakubu said it was within 2010 to 2014.
Under cross-examined by the prosecution counsel, Mr. M.S. Abubakar, Yakubu, said he joined NNPC in 1980 and became the Managing Director of a subsidiary of NNPC, Warri Petrochemical & Refining Company in 2007.
“I was appointed the Executive Director in charge of Exploration and Production in 2011 at NNPC headquarters.