Prosecution witness: How Yakubu, ex-NNPC GMD, hid $9.7m from EFCC

Andrew Yakubu, former group managing director of the Nigerian National Petroleum Corporation (NNPC), concealed $9.7 million and £74,000 from the Economic and Financial Crimes Commission (EFCC), according to Sambo Maina, a prosecution witness.

In February 2017, the EFCC recovered the aforementioned sums in a fireproof safe at Yakubu’s residence.

He is alleged to have omitted the monies from the EFCC asset declaration form given to him to fill in 2015.

Yakubu, who is standing trial for a six-count charge bordering on money laundering and false declaration of assets, has said the funds were gifts.

At the Abuja federal high court on Thursday, Maina, an EFCC operative, said Andrew was investigated based on the allegation that Atlantic Energy Drilling Concept Ltd was allowed to lift crude oil worth over a billion dollars.

He explained that the EFCC had received intelligence of suspicious fund transfers from Atlantic Energy Drilling Concept to its sister company in Switzerland.

“We commenced investigation into two categories of NNPC contract. The contracts were awarded by NNPC and its subsidiaries,” the EFCC official said.

“The first category of the contract relates to strategic alliance agreement between the NNPC, its subsidiaries NPDC (Nigerian Petroleum Development Company) and Atlantic Energy Drilling Concept Ltd.

“The first strategic alliance agreement was on oil mining lease 26/30/34/40/42 and the second contract was on oil mining lease 60/61/62/63.”

He said the anti-graft agency found out that the two strategic alliance agreements were executed between 2011 and April 2014 when Yakubu was the GMD.

“It was on the basis of this suspicious transaction that investigation commenced. In the course of our investigation, we found it necessary to seek clarifications from Engineer Andrew Yakubu and he was invited to EFCC,” Maina said.

The asset declaration form was tendered and admitted as ‘Exhibit I’.

Thereafter, Ahmed Mohammed, the judge handling the case, adjourned the matter to July 3.