EFCC uncovers billions in cash in home of ex-NNPC GMD

NNPC TOWERS
NNPC TOWERS

The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), on Thursday told a committee of the House of Representatives that $9.2 million and 750,000 pounds were recovered from a residence in Kaduna state.

Although he did not indicate precisely when the raid by EFCC operatives was carried out, NAN learnt that the foreign money was recovered from the home of Andrew Yakubu, a former Group Managing Director of the Nigerian National Petroleum Corporation.

The huge cash, which is in excess of N3 billion by official exchange rate, was the largest ever recovered by the agency in recent weeks.

Mr. Magu also disclosed to the House of Representatives Committee on Financial Crimes that N1.25 billion was recovered from a public servant, all in the last two weeks.

Mr. Yakubu, who served as GMD between 2012 and 2014, is already facing trial for money laundering.

He was charged by the EFCC in June 2016.

Mr. Magu was at the House of Representatives to present the Commission’s 2016 budget performance and defend its 2017 budget.

He said the commission recovered N102.91 billion, 8.30 million dollars, GBP 29,155, 12,475 pounds, 117,004 Canadian dollars as proceeds of crime between January and December, 2016.

Other monies recovered during the period, he said, were 806.50 Dirham, 5,000 Francs and 2,000 Rupees.

“Out of the 37 accounts frozen/forfeited, six banks are yet to provide relevant information on the amount accrued into the suspected accounts within the period under review,’’ he said.

The document revealed that the commission secured 135 convictions, out of which 46 were from Lagos zone, 30 from Abuja zone, 22 from Port Harcourt zone, 19 from Kano zone, 15 from Enugu zone and three from Gombe zone during the period.

Mr. Magu acknowledged the support of the committee towards fast-tracking the completion of EFCC headquarters in Abuja.

He disclosed that the Federal Ministry of Finance had listed the payment of N1.8 billion out of N2.9 billion meant for completion of the headquarters.

He, however, added that the commission had resuscitated its offices in Kaduna, Ibadan, Benin and Maiduguri as part of efforts to boost its operations across the country.

Mr. Magu urged the legislature to support the fight against graft, saying “corruption is fighting back”.

On recruitment, he said the commission only recruited 331 cadets on equal quota basis across the country except Lagos, Ekiti, Bayelsa and Rivers with lower numbers.

In a breakdown of the 2016 budget of the commission, Mr. Magu told the committee that total budgetary approval was N18.89 billion, but that N14.74 billion, representing 78.04 per cent, was released.

He explained that N7.62 billion was for personnel cost, overhead was N2.75 billion while capital expenditure was N8.49 billion for the year.

Mr. Magu added that 91.1 per cent component of the released funds had so far been utilised.

Earlier, the Chairman of the committee, Kayode Oladele, said Nigeria had applied to join the Financial Action Task Force (FATF), an international anti-corruption agency.

He said the move was part of efforts to strengthen ongoing anti-corruption crusade in the country.

Mr. Oladele, who lauded the development, expressed optimism that Nigeria would be admitted as “Observer Member’’ by the end of the year and would become full-time member in the nearest future.


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  • Wilfred Bankole Ademokun

    It’s time to change COLOR OF OUR CURRENCIES, #1000, #500, #200. Too much fake currency in circulation, some BILLIONS OF NAIRA staked in DORO BANDIT’S HOME , Which, really affecting the stability of our currency THE NAIRA. FEDERAL GOVERNMENT MUST DO SOMETHING FAST.

    • George Omuku

      Bros, whether they change the color of the Naira or not, the money wey dey foreign currency don go finish. Our thieving leaders no dey steal Naira again o! Lol…

      • Wilfred Bankole Ademokun

        Chei, na true talk ooo, but we need to change the color of NAIRA currency

  • okpada

    Why will there be no recession in Nigeria? See the volume of foreign currencies in some one house; and this money belongs to FGN. May God help Nigeria

    • Peter_Edo

      Make no mistake, this money belongs to NIGERIA, that is me, you, our families, our past, our present, our future…

    • AFRICANER

      Yeah, perhaps the reason there’s recession, and famine is because this tribal government has arrested the goose that has been laying the golden eggs for you?

      So make you chop arrest nah.

      • kinsly

        Broken record.

    • kinsly

      Amen.

    • Kojo

      No. U are WRONG. The money belongs to the people of Eastern Nigeria and Niger Delta. If can’t even speak the truth about where the money is from and who owns it, then how can you expect that there will not be a thief? I now understand why the Niger Delta Avengers blow up pipelines

      • Mikelee

        So you think you have spoken well? We can’t continue the way we are going. So the money now belongs to Eastern Nigeria and Niger Delta eh? Ask a Delta State man if he agrees with you. Then when we get to Delta an Ijaw man from Gbaramatu will also tell the Kwalle man from the same state that he has no share in the oil money. When we get to Gbaramatu, the families that own the land on which the oil wells are located will preclude the other Gbaramatians. We can go on and on!

  • wilsongaga

    What is the mad Nigerians protesting hardship waiting for before the demand the head of Andrew Yakubu former group managing director of NNPC?, Do you know how many past government officials,ministers,DGs,commisioners and local Government chairmen that has more than what has be recovered from this NNPC criminal I hope Nigerian can see the direction our recession is coming from and stop blaming BUHARI?,Those who have monopoly over stupidity can pour out to the street and demand our money from the past administration where stealing is not corruption………..!!!

  • emmanuel

    Once I saw the headline I knew the culprit will be from the North. Were he from the Niger Delta the headline will be different. Something like this:

    “Jonathan’s appointee found with billions of cash”
    “EFCC recovers billions from Ex-Minister under Jonathan’s government”
    “Former President Jonathan’s ex-Minister found with billions of cash”

    OR

    ” EFCC recovers billions from ‘Name of ex-minister’ ”

    …but since the culprit is from the North, the headline does not have his name, it is tucked far away in the story and you have to read almost the whole story before you come across his name. His state of origin and other places he has worked and stolen from are not given. Magu did not start stealing today and Nigerians can be assured that this will be the last story you will hear on this matter.

    • Mikelee

      Let us do away with this victim mentality! So Buhari has called all the Newspaper editors and instructed them to carry screaming headlines against their sons eh! How many Newspaper editors or owners are from the North? We should stop sensationalizing every thing and giving everything an ethnic or regional colouration. Comment on the issue at hand as reported before you turn the discussion into an ethnic war which is so common in this forum and which has not, and will never, do any one of us any good. God bless you!

    • Gibson Bosah

      Ur phone is UPSIDE DOWN.plz turn it nw

    • Munjee Yassar

      It is very unfortunate people of your kind still exist. You know that, where the situation as you are insinuating, the matter would have been different. You also know that Jonathan’s administration was never at war with Buhari’s administration. More over, what this administration care for is to return the System into transparent and acceptable norm, were every civil servant live on his salary and stop the loot that prevails a very long time.

      • abodes_124

        The civil servants , police, army, customs etc are having a field day because it has been made clear that the only stealing and corruption being ‘fought’ is that that occurred under Jonathan so no one is under any kind of, suspicion under this government.

    • tryit

      How will your group allow this country to move forward under your parochial, malfunctioning sense of judgement? Pray to God to enlarge the coast of right, civilised, ethnic – free reasoning.

  • Kojo

    Avengers were right after all.

  • zacchaeus Akinleye

    Up Buhari, Up Magu. Peace and healing be upon the president!

    • AFRICANER

      To the naive and the crazies of Nigeria, they will miss the fact that this man’s ONLY crime maybe the fact that he is a CHRISTIAN in El Rufai’ Kaduna.

      He may have been set up.

      This might just be continuation of Buhari’s Jihad. That’s my take on it. Something doesn’t seem right. Only Christians and southerners are prosecuted by this evil administration.

      • zacchaeus Akinleye

        You sound like a thief. You may have no portion in a better Nigeria!

    • abodes_124

      Up Daura. Up Babachir. Up Burrattai, UP Dambazua

  • Okokondem

    “Mr. Magu also disclosed to the House of Representatives Committee on Financial Crimes that N1.25 billion was recovered from a public servant, all in the last two
    weeks.”

    Who is this PUBLIC SERVANT, does he or she have a name?

    How about this one.

    “Mr Magu said the commission recovered N102.91 billion, 8.30 million dollars, GBP 29,155, 12,475 pounds, 117,004 Canadian dollars as proceeds of crime between January and December, 2016.”

    Again my question is, from who? Why can’t Nigerians be given the names of individuals who betrayed their trust and stolen from them? Whose interest is being protected by not making these names public, the thieves or the EFCC so they can use the anonymity as leverage to extort money from the thieves?

    There’s more.

    “Out of the 37 accounts frozen/forfeited, six banks are yet to provide relevant information on the amount accrued into the suspected accounts within the period under review,’’ he said.

    Again the 37 accounts frozen/forfeited are kept secret, why? Also the bank is taking its time in releasing the amounts of money in these frozen/forfeited accounts. Isn’t that convenient? By not making these relevant details available to the public gives the EFCC some leverage over the accused and the guilty. The question is why?

    And then this.

    “And The document revealed that the commission secured 135 convictions, out of which 46 were from Lagos zone, 30 from Abuja zone, 22 from Port Harcourt zone, 19 from Kano zone, 15 from Enugu zone and three from Gombe zone during the period.”

    What happened to the 135 convictions? What were the legal remedies? Did anyone of them go to jail for defrauding their country and betraying the people’s trust? Who were they? You see, I believe there’s a reason for the cloak &dagger, the secrecy and lack of transparency. And there’s a good chance the EFCC is benefited by creating and maintaining anonymity.

    But what is most disappointing to me is the tone of the dialog and comments from the readers here. The nature of the discussion and the argument among some of the readers leaves one wondering what kind of people we are. Their concern is not about how a few individuals in our society continue to steal from the rest of us. Their argument often centers on where these thieves come from, what party they belong to, forgetting that none of those factors really matters. The truth is these thieves come from every region and every corner of the country. Their actions have the same devastating effects–it diverts funds that otherwise would be used to develop the country that belongs to all of us.

    • abodes_124

      Thank you. A few more clear thinkers like you and we may then have smidgen of hope for Nigeria.

  • Okokondem

    And one more thing,

    I think PREMIUM TIMES does a good job of bringing these information to their readers but they can certainly do better. In this article for instance, there was no need to combine the announcement of the recovered loot in Kaduna with the details of the EFCC budget. It detracts from the main topic going by the title of the article.

  • Gibson Bosah

    No wonder there is scarcity of foreign currencies