EFCC to slam money laundering charges on Jide Omokore, ex-NNPC GMD, Andrew Yakubu

Andrew Yakubu
Andrew Yakubu

The Economic and Financial Crimes Commission has rearrested oil magnate, Jide Omokore, and will most likely slam money laundering charges on him today (Monday).

An official briefed on the matter said the businessman would be arraigned alongside Andrew Yakubu, a former Group Managing Director of the Nigerian National Petroleum Corporation, who has also been picked up.

Our sources said the duo would be charged before Justice Binta Nyako of the Federal High Court, Abuja on a four-count charge of money laundering.

According to EFCC insiders, other defendants in the case are Victor Briggs, Abiye Memnere, David Mbanefo, Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited.


In 2011 during the administration of former President Goodluck Jonathan, Atlantic Energy Limited, Mr Omokore’s company, alongside other companies were allegedly given multibillion dollar worth of public assets without due process.

As at the time, the company, which was barely a year old and had no history of producing a droplet of oil, was awarded controlling stakes in two lucrative oil blocks – OML 30 and 34 – for just over $50 million each.

The deal, which was signed by the immediate past minister of petroleum, Diezani Alison-Madueke, gave Atlantic Energy Limited a controlling 55 percent stake in the oil block.

Interestingly, Shell, which owned the remaining 45 per cent stake, fetched $1.3 billion for a single field after an open and competitive bidding process.

Incorporated as Atlantic Drilling Energy Concept Limited on July 19, 2010, it signed a Strategic Alliance Agreement with the Nigerian Petroleum Development Company (NPDC) shortly afterwards.

The NPDC is the upstream production subsidiary of the Nigerian National Petroleum Corporation.

Under the agreement, Atlantic took charge of four oil blocks- OML 26 FHN, OML 30 Shoreline, OML 34 Niger-Delta Oil and OML 42 Neconde. It was to provide funds, technical services, drill and sell crude oil.

The company was also accused of lifting crude oil, but remitting only a fraction of its worth to government.

In 2012, according to NNPC insiders, Atlantic Energy paid $168m into government account, but lifted about three million barrels – valued at over $350 million.

In 2013, it also lifted about two million barrels of crude valued at about $240million, but paid only $68million.

Similarly, in 2014, Atlantic Energy paid zero cash-call, but lifted about 500,000 barrels of crude oil, valued at $54 million.

Mr. Yakubu was the GMD of the NNPC between 2012 and 2014 when Atlantic Energy lifted oil without remitting what was due to government.

The EFCC recently raided the business premises of Mr. Omokore, making away with documents and computers.

Last February, high-ranking federal officials told PREMIUM TIMES that the Nigerian government forced Mr Omokore to pay $14 million royalty on oil that his company should have paid between 2011 and 2012.

Our sources said the money was paid into the Federal Government’s account with JP Morgan Chase on January 29, after the EFCC waded into the matter of recovering taxes due to the Federal Government.

“The investigation of tax defaulters in the dollar-soaked oil industry is continuing,” a source at the EFCC said Wednesday. “Those who failed to willingly pay up stand the risk of arrest and prosecution for tax fraud.”

Operatives of the EFCC questioned Mr Omokore on January 27 in connection with the controversial multi-billion dollar crude export deals.

Last week, the federal government commenced processes that would enable it freeze local and foreign assets of Mr. Omokore, and Kola Aluko, another ally of former Petroleum Minister, Diezani Alison-Madueke, and ex-President Goodluck Jonathan.

The government sought an order to freeze several local and international luxury properties owned by the defendants, including the Galatica Star, a $50 million “Super yatch” owned by Mr. Aluko and three private jets.

Other properties owned by the duo and their companies the government asked a federal high court in Lagos for an order to freeze include all sums of money and negotiable instruments of credit of the defendants’ domestic accounts held in 19 domestic banks. The government estimated the total sum held by the defendant to be $1.76 billion.

The government also prayed the court for an order for a freeze on sale or mortgage on the following properties in Nigeria and abroad: Houses on 755 Sarbonne Road, Los Angeles, 952 North Alphine Drive, Los Angeles, 815 Cima Del Mondo, Los Angeles, 1049 Fifth Avenue, New York, 1948 and 1952 Tollis Avenue, Santa Barbara, 157 West 57thStreet, New York, and 4100 Le Reve Dubai.

Other Houses include, Avenue Towers, Lagos, Colina D’Oro Montagnola, Switzerland, Block A consisting of 26 Flats at No 46, Gerrard Road, Ikoyi, Lagos, Mason apartments situated at No6 Gerrard Road, Ikoyi, Lagos, Marion Apartment located at 4 and 5 Onikoyi Estate, Banana Island, Ikoyi, 33A Cooper Road Ikoyi, Lagos, 8 Gerrard Road, Ikoyi, Lagos, Griove End Road, London, Land, 807 Cima Del Mundo, Mont Tremblant, Canada.

Other assets the government wants to seize are the Galatica Star yatch, a 20-year Berth Lease in Barcelona, Watch collection, a collection of 58 vehicles, a Global Express S5-GMG jet, a Bombadier Global 600 9H-OPE, Bombardier.


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  • Abey

    Eja nla.

  • msmadeleine

    Editor Premium Times,

    The arrest of Jide Omokore is long overdue. He’s said to have pocketed $4.5billion in oil deal cash.
    That’s insane because that is the equivalent of 20% of Nigeria’s annual federal budget – insane!
    I expect that Jide Omokore’s wife – ANGELA – would be arrested over her £600,000 wrist-watch.

    • Abidilagungun

      He is a confirmed criminal. I know his dingy in Ikeja where he lived before his rise to stratospheric wealth in just six years. Oleeeee

      • share Idea

        …”I know his dingy in Ikeja where he lived before his rise to stratospheric wealth in just six years. Oleeeee”…pls can you educate us on what FaceBook founder was doing before his stratospheric wealth a couple of years ago? This mob syndrome from lying government of Buhari will not achieve any sustainable growth for the country.

        If anybody have committed a crime against the country, institutions of state should be allowed to do their job and not this tele-guiding of state apparatus against perceived opponents of the state.

        • Emeka

          Keep quiet if you don’t know what to say. The money stolen is the money belonging to all Nigerians, and investigations is about gathering of useful information, by that, information could be given via this platform, all they need do is investigate it, if not found useful then the investigators would discard it. Information doesn’t fall from heavens, it is gathered from human beings, so no one has the right to stop any Nigerian from saying anything whether good or bad, because he or she was hurt by the looting after all…

        • Peter_Edo

          Only a criminal would compare zuckerbeg to omokore.

        • Paul Young

          And how is Jide Omokore an ‘opponent’ of the state?

        • Datti

          Jide is from Isanlu in Kogi State. Na confirmed thief o, he fit thief you self

  • clairvoyance

    Hope you have the man power to prosecute all corruption related cases we just need one conviction to send a message that we are indeed in the era of Changi.

  • Shahokaya

    Finally the big yam eaters have began to arrive for their onward journey to Gashua prison.

  • vagabonds in power

    These fake acts by efcc are no longer news to us anymore-the International Human Rights Law often leans towards investigations before arrest of citizens–Not arrest of citizens before investigations–as we often see with these fake buhari nonsense—-an editorial staff that often rushes news items for publication without a detailed analysis of the information made available TO THEM by efcc –na kpangba–Buhari is the one holding the knife and the yam–can any sane Nigerian argue with his cancer infested certificate forging brain-? Buhari is the problem not the PDP-

    • Henry_Itopa

      It’s a shame that with all the money they have stolen they can only afford illiterates like to you to come on here and spew incoherent nonsense.

      • Emeka

        “The arrest is no longer news to us” those are his words, yes I agree with him, it won’t be news to few thieves like him, but over 130million Nigerians are getting refreshed everyday seeing the socalled untouchables begging and shaking like leaves, promising to return their loots. I never knew that the thieves don’t have liver at all. You would see them pee on their panties once the bubble got bursted…

        • Datti

          Some of them even collapsed in fear and are rushed to hospitals. They will never come back again

  • Fuzio

    Another one of those people who hate money but are robbing Nigeria blind. Hmmmm, hate money indeed.

  • Mark Nsikan

    “live” our son alone!!!….

    • duwdu




    Hi Buhari, What is the problem with you? Why are you not probing Terrorist sponsors? This is why David called you a Fantastically corrupt president and you still had no shame …and went to treat your ear in his country.


    • Olu from South Africa

      U go cry tire.

    • Rommel

      The probe of Boko Haram has been ongoing and among the many revelations,one name kept proping up and is that of Goodluck Ebele Jonathan which has baffled everyone and now,we want to make the connection

  • Paul Young

    Vanity upon vanity. Even if you want to argue with some of the anti corruption arrests so far(esp relating to PDP campaign funds), you certainly cant question this one. What a shame. He could have paid all the money due the FG and still been a legitimate billionaire without having to look over his shoulder, but greed wont let him. Too sad

  • Otile

    Are they not going to arrest Yakubu Danjuma for money laundering? There is no genuine anti-corruption going on. Buhari is a tribal bigot.

  • Rommel

    Someone told me recently that supporters of GEJ are mainly ethnic bigots,criminals and people with questionable means of livelihood,I am beginning to think that she is right

    • regional bigots

      Detained former Air Officer in charge of Tactical Air Command, Makurdi, Air Vice Marshal [AVM] Rufus Ojuawo, has told a Federal High Court in Abuja that the Economic and Financial Crimes Commission (EFCC) forced him to pay N40 million as a condition for his release.
      He is currently in confinement at House 27, Niger Barracks, Asokoro, Abuja, under the directive of the EFCC.

      He further alleged that contrary to the position of the anti-graft agency, he did not voluntarily surrender his Range Rover (SUV) car to the commission but that it was seized from him by force.

      His averments were contained in his further affidavit in support of his application to enforce his fundamental rights now pending before Justice Adeniyi Ademola of the Abuja division of the Federal High Court.

      The officer who has been in detention custody for over 100 days since his arrest on February 7, 2016, was last week produced in court by the anti-corruption agency following an order of the court.

      Justice Ademola gave the order after counsel to the detained military chief, Mr. R.N. Ojabo, moved an application for the enforcement of his fundamental human rights.

      His appearance was ordered by the court to enable it know which agency of government was keeping him since the EFCC denied that the embattled military officer was not in its custody, having being released on administrative bail.

  • stop deleting deleting

    Staff of the Ministry of Finance on Monday demanded the removal of the Minister of Finance, Kemi Adeosun, over the non-payment of what they termed their allowances, which amounted to N1.2 billion.

    The protesters contend that Adeosun of collects her own allowances including N30 million for house rent annually.

    Some of the placards read: “Kemi Adeosun must go”; “You are destroying Federal Ministry of Finance”; “Inflation is 15% courtesy of Adeosun”; “PMB agent of positive change, Adeosun agent of negative change”; “Adeosun score card is zero”; and “Adeosun collects N30m house rent.”

    They equally said she was high handed.

    • Powerlessconscious

      Agent of evil. Thank you. We have read the story. Illegal allowance. SOT. I pity for those group of people who have sold their soul to HELL for evil purpose.

  • Burning spear

    Efcc received petition against Ameachi, Fashola, Fayemi and Tinubu from Intergrity Group, but till date Efcc have not invited Ameachi for questioning. Nigerians should remember that just yesterday Efcc invited Akpabio among other PDP stalwarts saying they got a petition against them. My question is why have Efcc failed to invite or question Ameachi among other rogues in APC? At least to enable us know how much they spent on the selection of Buhari.

  • Benedict Atolagbe

    Na wa ooo..
    9ija la wa ooo..
    Some are maikng baseless arguments, some are ranting and some are saying the truth.
    I need an answer to this my question.


    Please i need answers..

    Please, – Biko – Ejowo – Yankuri ….