Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Nigeria: $9.2m cash recoved from home of ex-NNPC GMD

    Nigeria: $9.2m cash recoved from home of ex-NNPC GMD

    February 10, 2017
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Andy Yakubu, Former NNPC GMD.

    10 February 2017, Sweetcrude, Abuja — The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ibrahim Mustafa Magu has disclosed before a committee of the House of Representatives that $9.2 million and 750,000 pounds were recovered from a residence in Kaduna state.

    Mr Magu did not indicate precisely when the raid by EFCC operatives was carried out but NAN gathered that the foreign exchange was recovered from the home of Andy Yakubu, a former Group Managing Director of the Nigerian National Petroleum Corporation.

    The acting EFCC boss also disclosed before the House of Representatives Committee on Financial Crimes that another 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 percent, 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 percent 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.

    *NAN

    Related News

    Nigeria records progress in crude oil, refined products sales in Naira

    EFCC arrests two Chinese nationals, six Nigerians over illegal lithium mining

    Despite NPA’s intervention, export cargoes still stuck at EPTs for days

    E-book
    Resilience Exhibition

    Latest News

    AfDB & IsDB partner to tackle fragility and build resilience in Africa

    May 12, 2025

    Oil prices rise, US-China talks fuel optimism

    May 12, 2025

    OPEC April oil output edges lower despite plans for hike, survey finds

    May 12, 2025

    NPA refutes multi-billion Naira fraud allegations

    May 12, 2025

    NIMASA embraces tech to strengthen maritime regulation denies conversion plan

    May 12, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.