Andrew Yakubu, a former Group Managing Director, GMD, of the Nigerian National Petroleum Corporation, NNPC, has on Wednesday, told a Federal High Court that the $9.7 million and £74, 000 cash found in his house in Kaduna, in 2017, were gifts he received from friends during occasions, such as birthdays and thanksgiving services, among others.
Yakubu is facing charges of money laundering and non-declaration of assets, instituted against him by the Economic and Financial Crimes Commission, EFCC.
The EFCC had charged him with 6 counts relating to the sums of $9,772 and £74,000, recovered from his home in Kaduna State, on February 3, 2017.
Operatives of the anti-graft Agency had raided Yakubu’s house on Chikun Road, in the Kaduna South Local Government Area, from where about N3 billion was allegedly recovered.
However, appearing before the court on Wednesday, the former NNPC GMD said that he received the monies in tranches of not more than $10, 000, and not more than £5, 000.
While testifying as his own witness, Yakubu confirmed that the monies were contained in a safe taken from his property.
“Yes my lord, I confirm that the monies were contained in a safe taken from my property”, he told the court.
“Substantial part of that amount was given to me after I left service, it was given to me on such occasions as birthdays, thanksgiving services, and other celebrations that I hosted, after leaving my office.
“I also hosted marriages of my daughters, in fact, over 98 percent of the money came from gifts.”
According to him, the monies were kept in the safe, pending the time he would decide on which business he would invest it in.
“Since the money was given to me unexpected, I kept the money in safety, in a safe, pending when I decide on a specific business venture to embark on. And as soon as the decision is crystallised, the business would be funded through the financial institutions”, the former NNPC GMD disclosed.
He said that the other two percent of the recovered monies, were funds he got from his travels to foreign countries.
“For over 25 years, I had reason by virtue of my schedule, to travel to many parts of the world. I was entitled to estacodes in United States Dollars.
“Any saving I made during the trip, I came back and saved. The other two percent of the funds recovered from my safe, was from such savings I made from travels.
“The prevailing rate of dollar at that time was average of N150 to a Dollar, and N250 to Pound Sterling. That was about the bank rate at that time.
“When I was asked the time frame within which the safe was placed in the location, I told them that it was within 2010 to 2014.”
The Trial Judge, Justice Ahmed Mohammed, had struck out two of the charges in the suit marked FHC/ABJ/ CR/ 43/ 2017.
The sustained charges read that Yakubu had between 2012 and 2014, without going through a financial institution, received cash payments of $9,772,800 and £74,000, and thereby committed an offence contrary to Section 1 of Money Laundering (Prohibition) Act 2012, and punishable under Section 16 (2) of the Act.
He had pleaded not guilty to the charges in 2017, before he was granted a bail of N300 million, by the Federal High Court, on March 16, 2017.
On Wednesday, while being cross-examined by the Prosecution Counsel, M. S. Abubakar, Yakubu told the court that he joined the NNPC in 1980, and became the Managing Director of a subsidiary of NNPC Warri Petrochemical and Refining Company, in 2007.
“I was appointed the Executive Director in charge of Exploration and Production in 2011, at NNPC Headquarters.
“I became the Group Managing Director of NNPC in 2012, and retired in 2014.”
After Yakubu’s statement in the witness box, Justice Mohammed adjourned the case to July 22, for his cross-examination by the EFCC Counsel.
