Business
EFCC slam Yakubu with five count charge of money laundering
Economic and Financial Crime Commission EFCC has charged the former Managing Director of Nigerian National Petroleum Corporation NNPC, to court with money laundering and five other counts of fraud.
EFCC said last month it had arrested Andrew Yakubu and seized $9.8 million from the former Managing Director of Nigerian National Petroleum Corporation (NNPC) in Kaduna.
“Former GMD, NNPC, Andrew Yakubu was arraigned March 16, 2017 before Justice A R Mohammed of the Federal High Court, sitting in Abuja, on a six count charge bordering on non disclosure of assets, money laundering and advance fee fraud,” the EFCC said in a statement.
Yakubu will remain in custody and reappear in court on March 21, it added.
Graft, particularly in the oil sector on which Nigeria relies, has taken large sums from the country’s coffers.
The EFCC said last month it had raided a building belonging to Yakubu, who was group managing director of NNPC from 2012 to 2014 under Jonathan, and found the cash in U.S. dollars in a fireproof safe.
Yakubu said the money was a gift, but did not say from whom, and is now assisting the investigation, according to the EFCC’s statement.
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